If you can't make your books balance, you take however much they're off by and enter it under the heading ESP, which stands for Error Some Place. Sam Walton, 1918 - 1992 … [Read more...]
Top 10 Bookkeeping Mistakes
SmartMoney recently listed a Top 10 list of Bookkeeping Mistakes to Avoid. Among them are: Forgetting to track reimbursable expenses -- All those little cash receipts for postage, parking, tolls and office supplies really add up. If you don't keep track of them, there's no way you're going to be able to deduct those expenses, or be reimbursed. Not reconciling the books with the bank statement … [Read more...]