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Bookkeeping For Dummies, 2nd Edition



Bookkeeping For Dummies, 2nd Edition

Lita Epstein

ISBN: 978-1-118-95037-1 December 2014 360 Pages

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The fast and easy way to master the art of bookkeeping

If you're a business owner or an employee who manages finances, the latest edition of Bookkeeping For Dummies is for you. This handy guide gives you clear and concise information on how to keep track of accounts, prepare balance sheets, organize ledgers or journals, create financial statements, and so much more. Packed with the most up-to-date bookkeeping practices, tax information, and small-business laws, Bookkeeping For Dummies is an accessible, invaluable resource you'll turn to again and again.

Accurate and complete bookkeeping is crucial to any -business owner—but jumping in headfirst without knowing your accounts from your balance sheets can confuse even the most astute businessperson. That's where Bookkeeping For Dummies helps! Written in the familiar and friendly tone that has defined the For Dummies brand for more than twenty years, this clear and comprehensive guide covers everything you'll encounter as you set out to tackle your company's books, ensuring you're on the right track and saving you tons of headaches along the way. So what are you waiting for? It's time to hit the books!

  • Offers easy-to-follow instructions to keep track of your business' financial well-being
  • Covers managing assets and liabilities
  • Includes updated QuickBooks screenshots and Excel spreadsheets
  • Provides guidance on producing balance sheets and creating financial statements

Whether you're just starting out with bookkeeping—or a bookkeeper who needs to brush up on your skills—Bookkeeping For Dummies sets you up for success.

Introduction 1

Part I: Basic Bookkeeping: Why You Need It 5

Chapter 1: So You Want to Do the Books 7

Chapter 2: Getting Down to Bookkeeping Basics 15

Chapter 3: Outlining Your Financial Road Map with a Chart of Accounts 27

Part II: Keeping a Paper Trail 41

Chapter 4: Ledgers: A One-Stop Summary of Your Business Transactions 43

Chapter 5: Keeping Journals 55

Chapter 6: Computer Options for Your Bookkeeping 71

Chapter 7: Controlling Your Books, Your Records, and Your Money 81

Part III: Tracking Your Day-to-Day Operations with Your Books 99

Chapter 8: Buying and Tracking Your Purchases 101

Chapter 9: Counting Your Sales 113

Chapter 10: Employee Payroll and Benefits 127

Chapter 11: Employer-Paid Taxes and Government Payroll Reporting 149

Part IV: Preparing the Books for Year’s (or Month’s) End 163

Chapter 12: Depreciating Your Assets 165

Chapter 13: Paying and Collecting Interest 175

Chapter 14: Proving Out the Cash 185

Chapter 15: Closing the Journals 199

Chapter 16: Checking Your Accuracy — By Trial and Hopefully No Error 211

Chapter 17: Adjusting the Books 221

Part V: Reporting Results and Starting Over 231

Chapter 18: Developing a Balance Sheet 233

Chapter 19: Producing an Income Statement 245

Chapter 20: Completing Year-End Payroll and Reports 259

Chapter 21: Satisfying the Tax Man 271

Chapter 22: Prepping the Books for a New Accounting Cycle 289

Part VI: The Part of Tens 297

Chapter 23: Top Ten Ways to Manage Your Business Cash with Your Books 299

Chapter 24: Top Ten Most Important Accounts for Any Bookkeeper 303

Appendix: Glossary 307

Index 311