Hi I’m Zack with the QuickBooks for Mac team, and I’m here to answer a question one of our users asked on our Facebook page. Getting the customer to actually send you a check is another story. O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.We had a question on our Facebook page about how to invoice a customer for reimbursed of expenses. Get QuickBooks 2016 All-in-One For Dummies now with O’Reilly online learning. However, if you understand the fiddle-faddle method, you’ll clearly see why double-entry bookkeeping is so much better.Īfter I describe the fiddle-faddle method, I walk you through the steps to using and understanding double-entry bookkeeping. In fact, I assume that you eventually want to use QuickBooks for your accounting and, by extension, for double-entry bookkeeping. This isn’t because I think you should use that method. In this chapter, I start by describing the fiddle-faddle method. The work of preparing financial statements - called accounting or bookkeeping - requires either a whole bunch of fiddle-faddling with numbers or learning how to use double-entry bookkeeping. Unfortunately, preparing traditional financial statements is more complicated and tedious. A balance sheet itemizes a firm’s assets, liabilities, and owner’s equity. An income statement, for example, shows a firm’s revenues, expenses, and profits. In truth, financial statements are pretty straightforward. If you’ve read Book I, Chapter 1, or if you’ve spent much time managing a business, you probably know what you need to know about financial statements. The preceding chapter describes why businesses create financial statements and how these financial statements can be used. Looking at an (almost) real-life example.Grasping how double-entry bookkeeping works.Checking out the fiddle-faddle method of accounting.
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January 2023
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