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#Contact book of the month password
If you follow best practices, and put a closing date password in place, no changes can be made without that password. Anyone who tries to make a change to accounts payable or any other account will get a nasty warning at the very least. And, in case of an audit, you and your bookkeeper will be scrambling to figure out why your books don’t match your tax return or the financials you sent to the bank.įormally closing the books sets your numbers in stone. This means extra work for your CPA, which usually means extra fees. When equity doesn’t roll forward correctly, your accountant will need to track down the discrepancies before they can issue financials or prepare your tax return. If this happens, this can change your income from the previous period, which throws off the balance in retained earnings. Anyone with access to your QuickBooks file can go in and change something in the previous month or year, and you might not find out until it’s time for your CPA to prepare your tax return. This is just a bookkeeping reset for the next year. So it looks like your books are closed, but this isn’t a formal close process. When you set the year-end in Intuit QuickBooks, the program automatically zeroes out all the income and expense accounts and transfers the balance of net income to Retained Earnings when your fiscal year ends. This is done by closing the books: the balances in your income and expense accounts are transferred to retained earnings over on the balance sheet. This means the balances in your income statement accounts need to be zeroed out so the next period can start out fresh. Your income statement accounts track what happens during a specific period. What Does Closing the Books Mean in QuickBooks? To use your financials as an effective planning and strategic tool, you need to get into a regular cadence of closing your books. It’s understandable: Most small business owners are focused on running their businesses. Surprisingly, however, very few small businesses perform a formal month-end close in their accounting software. They help business owners measure progress towards goals, and they’re essential for performing an accurate cash flow projection for the future. Stay in your lane, put the time in, build your audience and your community of like minded authors.Complete and timely financial statements are the most powerful strategic tool for any organization. Your journey is your own, and your set of life circumstances is often not the same as these other authors. There's plenty of authors who are independent but still pull in up to seven figure salaries or more. Pace yourself! Don't get into the comparison game.Writing can be an emotionally draining and stressful pursuit.With the doorway to publishing being open wider than it has ever been with the likes of Amazon, it's sad that so many businesses dangle that carrot of publishing to the unsuspecting first time authors, only to wrap them up in a very unfair (and usually expensive) deal that doesn't give them any bit of the fortune and glory they're promised. Vanity Press for sure, but I'm sure there are others that I'm not aware of, lurking in the shadows out there. I'll call it predatory publishing and marketing ploys.What is the most unethical practice in the publishing industry?.
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#Contact book of the month free
I sometimes will free write about anything, even doing it handwritten, that can help get me back on track.
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When I find myself in a writer block, I tend to get back to the planning mode, and see if perhaps the story is too predictable.