vincentbookkeeping web store FAQ section

I would highly recommend using computer software to do your bookkeeping regardless of whether you hire a bookkeeper or use the software yourself. Quickbooks Pro is a good version to get started with and offers some great built in tutorials. Once you upload the software, play around with the tutorials for awhile to familarize yourself with all of the different day to day bookkeeping tasks involved with your type of business. After doing this, you should have a better idea of whether or not you will want to do the bookkeeping yourself.

The new standard mileage rate for 2008 is 50.5 cents for January 1, 2008 through June 30, 2008 and 58.5 cents for July 1, 2008 through December 31, 2008. The table below outlines all of the standard mileage rates for 2007, 2008 and even 2009. Business Mileage: ~2007 = 48.5 cents ~2008, Jan 1st - Jun 30th = 50.5 cents ~2008, July 1st - Dec 31st = 58.5 cents ~2009 = 55.5 cents Charitable Mileage: ~2007 = 14 cents ~2008, Jan 1st - Jun 30th = 14 cents ~2008, July 1st - Dec 31st = 14 cents ~2009 = 14 cents Medical Mileage: ~2007 = 20 cents ~2008, Jan 1st - Jun 30th = 19 cents ~2008, July 1st - Dec 31st = 27 cents ~2009 = 24 cents Moving Mileage: ~2007 = 20 cents ~2008, Jan 1st - Jun 30th = 19 cents ~2008, July 1st - Dec 31st = 27 cents ~2009 = 24 cents

The payments you make to your credit card company will decrease your cash account and decrease your credit card balance. This happens by crediting your cash account and debiting the credit card account.

To capitalize means to record the amount of an item purchased in the balance sheet account instead of the profit and loss statement. For example, let’s say that your company purchases a new computer for your office and the cost of the computer is $1,200. Since the cost is over $500, your company should capitalize the cost of the computer. This means that the computer will be recorded as an asset in an equipment account and will be reported in the property, plant and equipment section of the balance sheet. The cost of the computer will be depreciated over it's useful life.

The Chart of Accounts is a complete list of all the general ledger accounts used to post amounts to. The chart of accounts is a useful tool when trying to identify the best account to use when recording transactions. Typically, the chart of accounts will begin with balance sheet accounts then profit and loss accounts. The accounts will normally be in the same order as they will be found on the the two financial statements.