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Bookkeeping – why use a Professional?

Bookkeeping services are not just about data entry and bank account reconciliation.

TustinTim’s bookkeeping services are not intended to replace the services of your Certified Public Accountant (CPA). In fact, many of our clients are referred to us by local CPA firms. Our services are designed to work in conjunction with your CPA, so that you have comprehensive financial management solutions for your small business.

After a thorough review of your current accounting and making recommendations that will improve your company’s reporting and classifications, all of your transactions will be entered into the bookkeeping software you prefer. Monthly we will reconcile your bank accounts and at month-end you will receive a complete set of reports including a summary, statement of cash flow, income statement and a balance sheet.

We can offer you freedom from time-consuming accounting and bookkeeping tasks, or fulfill your need for a full-time or part-time bookkeeper, thus allowing you to focus on other areas of your business.

Our team regularly interacts with global clients in order to take care of their entire back end bookkeeping business, giving them more time to focus on their core business processes. We have adopted a personalized approach to serve our customers who outsource bookkeeping services to TustinTim and ensure that all the financial data relating to business operations are dealt with in an orderly manner covering procedural aspects of business.

Outsourcing of the bookkeeping services guarantee cost effectiveness, quality, accuracy and security of your data. The bookkeeping services help in focusing on the tax preparation and accounting thus ensures that the operational costs are reduced to a greater extent.

Bookkeeping is a hard task for any business, including non-profits. It is an integral part of every business, but especially for a small business. It can be defined as the recording of financial dealings and transactions. It is usually performed by a bookkeeper.

bookkeeping quickbooks

Bookkeeping QuickBooks


Bookkeeping Defined

Bookkeeping can be defined as the recording of financial dealings and transactions. These transactions consist of sales, purchases, income, and payments by individuals and organizations. A bookkeeper usually performs Bookkeeping. Keep in mind that bookkeeping is not another name for accounting. This is because the accounting practice is typically performed by an accountant. The reports created by an accountant are collected from the bookkeeper’s recorded financial transactions. Any practice that involves the recording of financial transactions should be deemed a Bookkeeping process. There are some general methods of Bookkeeping, including the “Single-Entry” and the “Double-Entry” Bookkeeping system.

More About Bookkeeping

Bookkeeping should be careful, organized, and detailed to shun errors and to identify errors made by others. The students of Bookkeeping are taught to be discreet and trustworthy, because they regularly come in contact with classified material. They are educated to have fine communication skills, since they work with customers and also need to have significant aptitude for numbers.

Bookkeeping, accounting, and auditing clerks are employed in many industries, including firms that provide accounting, tax preparation, bookkeeping, and payroll services; federal, state, and local governments; and schools. About 1 of 4 bookkeeping, accounting, and auditing clerks worked part time in 2010.

Bookkeeping clerks, also known as bookkeepers, often are responsible for some or all of an organization’s accounts, known as the general ledger. They record all transactions and post debits (costs) and credits (income).

Bookkeeping can be performed efficiently by qualified bookkeepers and they will be able to do it for your business in less time. This is considered by many as a complicated job and you need to have background knowledge to understand the process. It becomes a frustration when you are confused with all the numbers and calculations that need to be understood in order to balance your income as well as your expenses.

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What do you do when you’ve never done bookkeeping before?

Or you started doing your books months ago but you got so busy with sales and service that now you’re months and months behind?

Where do you start cleaning things up?

How do you start out on the right path?

Use your tax situation to guide you on how far back to go. If your CPA is hounding you for information to do taxes for 2012, then you go back to December 2011 and make sure everything is entered from that point. If your concern is taxes for 2011, then go back to December 2010 and enter everything from that point.

Time is your best friend in this case. That’s right, time.

If you haven’t setup QuickBooks yet, open it up and go through the initial interview process QuickBooks provides for a new company setup. That should be good enough to get you started.

Once that setup is done, start organizing the various piles of paper on your desk, in your drawers, the stuff shoved into the corners of the office that you promised you’d get to later.

Organize the receipts, bills, notices, statements, etc. into date order.

Starting with the oldest paper you find, group each one into a “month-year” folder. When all the paper is sorted this way, you have your starting point.

Taking the oldest month-year folder of paper, open your QuickBooks company file and start data entry. As each item is entered, mark it as done with your name and date on the piece of paper.

Once entered, each piece of paper now deserves its own folder; for example, telephone bills go into a folder made for that vendor, office supply receipts go into files for each of those vendors. The organizing concept is that each company you purchase from gets its own folder.

This is important! In the future, when you may need to see that vendor bill or receipt, it’s easy to locate and your system now works for you rather than against you.

With data entry of old stuff finally done, you’ve reached the point where you can start taking control of your finances. Now you can match up your books against your bank statements (the process known as bank reconciliation) and that puts you on the path knowing the financial health of your company – with real, hard numbers. You’re able to stop the guesswork – hurrah!

Make no mistake – it could be painful doing all this data entry – but the freedom from worry and not knowing your real financial position will be well worth the effort!

Serving These Locations:

Aliso Viejo, Orange County (OC), Southern California ▪  Anaheim, Orange County (OC), Southern California  ▪  Costa Mesa, Orange County (OC), Southern California  ▪  Coto De Caza,  Orange County (OC), Southern California  ▪  Dove Canyon, Orange County (OC), Southern California  ▪  Foothill Ranch, Orange County (OC), Southern California  ▪  Irvine, Orange County (OC) (OC), Southern California  ▪  Ladera Ranch, Orange County (OC), Southern California  ▪  Laguna Beach, Orange County (OC), Southern California ▪  Laguna Hills, Orange County (OC), Southern California  ▪  Laguna Niguel, Orange County (OC), Southern California  ▪  Lake Forest, Orange County (OC), Southern California  ▪   Mission Viejo, Orange County (OC), Southern California  ▪  Newport Beach, Orange County (OC), Southern California  ▪  Orange, Orange County (OC), Southern California  ▪  Rancho Santa Margarita, Orange County (OC), Southern California  ▪  San Clemente, Orange County (OC), Southern California  ▪  San Juan Capistrano, Orange County (OC), Southern California  ▪  Santa Ana, Orange County (OC), Southern California  ▪  Trabuco Canyon, Orange County (OC), Southern California  ▪  Tustin, Orange County (OC), Southern California

Serving These Zip Codes:

92656 92698 92801 92802 92803 92804 92805 92806 92807 92808 92809 92812 92814 92815 92816 92817 92825 92850 92899 92811 92821 92822 92823 90620 90621 90622 90624 92624 92625 92626 92627 92628 90630 92629 92650 92609 92610 92708 92728 92831 92832 92833 92834 92835 92836 92837 92838 92840 92841 92842 92843 92844 92845 92846 92605 92615 92646 92647 92648 92649 92602 92603 92604 92606 92612 92614 92616 92618 92619 92620 92623 92697 92709 92710 90631 90632 90633 90623 92694 92651 92652 92637 92653 92654 92607 92677 92630 90720 90721 92655 92690 92691 92692 92658 92659 92660 92661 92662 92663 92657 92856 92857 92859 92862 92863 92864 92865 92866 92867 92868 92869 92870 92871 92688 92672 92673 92674 92675 92693 92701 92702 92703 92704 92705 92706 92707 92711 92712 92725 92735 92799 90740 92676 90680 90742 90743 92678 92679 92780 92781 92782 92861 92683 92684 92685 92885 92886 92887

Pondering the confusion question

When faced with a mound of paper, in banker boxes and in drawers it can all appear overwhelming and insurmountable. Months or even years of no data entry, it’s enough to make a grown bookkeeper weep.

Something can be done about it, as distasteful as it may seem. Start somewhere.

The basic idea of bookkeeping – CASH IN, CASH OUT. This command tells you where to start, no matter what the boss or the client says. After all, the boss or the client created the mess in the 1st place….right?

So….start with CASH IN, CASH OUT. What’s that in the real world? It’s the bank accounts where money comes in to the business and exits the business for day to day bills and expenses.

Your weapons of choice in this quest are the sequential bank statements covering the period of no data along with the super QuickBooks tool of “remembering transactions”.

You can have QuickBooks pre-fill new transactions based on previous transactions.

To do this task

1. Open the general preferences.

2. Click Automatically remember account or transaction information.

3. Click one of the following two preferences.

Automatically recall last transaction for this name:
Sets up QuickBooks to remember the previous transaction for a person. When you enter a new transaction, QuickBooks
automatically fills out the form with information you entered in the last transaction of that type for that person. For example, when
you enter a vendor’s name on a bill and press Tab, QuickBooks fills in the bill just like the most recent one you entered for that


This preference works only with bills, checks, credit card charges, invoices, and sales receipts. For invoices and sales receipts, it
completes Ship Via, Ref Doc (PO Number), and Free On Board (FOB) values. This preference has no effect on purchase orders,
payroll liability checks, or credit memos.

Pre-fill accounts for vendor based on past entries: Sets up QuickBooks to pre-fill the account for a vendor transaction based on
previous transactions for that vendor. QuickBooks remembers all your recent transactions for a vendor, not just the most recent
one. If you consistently use the same account for a vendor, QuickBooks will automatically pre-fill that information any time you
select the vendor in a bill, check, or credit card transaction.

How does QuickBooks know which account to pre-fill?

This preference is “smart” about when to pre-fill account information when you select a vendor. For example, if you pay the rent
every month from the same account, QuickBooks will soon start to pre-fill the bills you enter to your landlord with the usual

When you use different accounts for a vendor, the account will not be pre-filled. For example, you might write checks to a
warehouse supplier out of several different accounts, depending on the purchase. So the next time you write a check to that
warehouse, QuickBooks will not pre-fill the account.

4. Click the OK button.

You can always override any pre-filled information in a transaction.

Bad news? At first, the data entry task will be huge. Good news? As you proceed with your data entry, based on the sequential bank statements, you will build up the history of transactions in QuickBooks. Each entry gets you closer and closer to your goal of re-creating a true and accurate picture of how the business lives and breathes.