Marvin & Co. Blog

How to Apply Finance Charges in QuickBooks

Posted on: 1/3/19 by Margaret Hurlburt, CPA

You may hate to have to do it, but assessing finance charges for late payments may improve your overall cash flow.

There are a myriad of ways to bring in customer payments faster and improve your cash flow. You can:

  • Get a merchant account and let customers pay you electronically
  • Offer a discount for early payments
  • Shorten the payment due cycle (21 days instead of 30 days, for example)
  • Be more aggressive about collections

QuickBooks can help you take all of these steps. It also offers a fifth option: assess finance charges for tardy remittances.

Maybe you don’t want to do this because it seems like a less-than-friendly way to treat customers – especially valued ones. But you’re not in the business of lending money, which is what you’re doing when you continue to let your accounts receivable slide. This articles explains how to add finance charges to your payment policies.

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Resolve to Do These 3 Things in QuickBooks Online This Month

Posted on: 1/3/19 by Reshma N. Mulchandani, CPA

‘Tis the season for making resolutions and setting goals. Try exploring these three areas to dig deeper into QuickBooks Online.

By now, many New Year’s resolutions have already been made – and broken. Though they’re usually created with the best of intentions, they’re often just too ambitious to be realistic.

For example, you might decide to learn more about QuickBooks Online and keep up with your accounting chores more conscientiously in 2019. That’s hard to quantify. How will you know if you achieved that goal?

Instead, why not pick three (or more) specific areas and focus on them this month? We’ll get the ball rolling for you by making some suggestions.

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Happy Holidays!

Posted on: 12/21/18 by Marvin and Company

Happy Holidays! Check out our holiday video card.

- Your Friends at Marvin and Company, P.C.

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Form 990, Schedule B and the Public Disclosure Requirement

Posted on: 11/28/18 by Thomas W. Hosey, CPA

Schedule B, Schedule of Contributors, is required to be filed by public charities (and private foundations) if they report contribution revenue in excess of certain dollar amounts.  

In this article, Marvin and Company provides information on state reporting requirements for public charities (and private foundations).

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Reduce the Potential for Payroll Fraud

Posted on: 11/28/18 by Kevin J. McCoy, CPA, CFF

Your payroll clerk must be one of your most trusted employees. After all, they are the one with the most responsibility for all of your company’s bank accounts. Your payroll clerk also has access to your employees’ personal information, such as bank account specifics, Social Security numbers and compensation. Unfortunately, these “trusted” employees are usually the ones who are involved in an embezzlement. 

In this article, Marvin and Company provides internal controls that companies can implement to reduce the occurrences of payroll fraud.

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Are Grants Subject to Revenue Recognition?

Posted on: 11/28/18 by Alan W. Clink, CPA

Nonprofits received long-awaited clarification on a key accounting question from the Financial Accounting Standards Board. As discussed in the article “Updates to FASB Proposed Guidance for Contributions” appearing in our June Educator, the FASB released a final accounting standards update (ASU), Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The ASU aims to standardize how grants and other contracts are classified across the sector, as either an exchange transaction or a contribution.

Classifying grants as either a contribution or exchange transaction is the first step in implementing revenue recognition. The clarified guidance in ASU 2018-08 aims to help nonprofits complete that first step in a consistent way across the sector.

In this article, Marvin and Company outlines a practical example of the process to evaluate a grant under the new ASU.

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Identifying and Overcoming Common Nonprofit Challenges

Posted on: 11/28/18 by Christopher J. Healy, CPA, CGFM

Nonprofit organizations are uniquely shaped by their mission, history, size, program goals and  community. But leaders of these organizations—whether a CFO at a global health services charity, a CIO of an education endowment or the executive director at a museum—share a common goal of advancing their organization’s mission. To drive forward progress, it’s essential that leaders understand where their organization sits in relation to its peers on objective measures of performance.

This articles explains what nonprofit organizations need to know when facing common problems.

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Getting Started with Accounts in QuickBooks Online, Part 2

Posted on: 11/28/18 by Margaret Hurlburt, CPA

We covered a lot of ground last month, but there are still some things to know about working with transactions you import from your banks.

We explored QuickBooks Online’s Banking features last month, including the site’s ability to work with related transactions as groups.

This month, we’ll look at the process of setting up rules to automatically classify transactions as they come in from your banks. We’ll also provide a brief overview of the Chart of Accounts.

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Need to Create Estimates? How QuickBooks Can Help You with This.

Posted on: 11/28/18 by Reshma N. Mulchandani, CPA

Estimates can be effective sales tools – if they look professional and offer attractive prices. Here’s how to create them using QuickBooks.

You don’t need to be a car repair shop or an HVAC technician to present prospects and customers with estimates. In fact, there may be many times when an unexpected estimate—or bid, or proposal—will land you a job you didn’t necessarily expect.

Of course, the bottom line is the meat of your estimate, the price you’re willing to accept for your work performed. It’s your job to determine that. But let QuickBooks do what it does best: provide intuitive, efficient tools for creating and modifying estimates.

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Marvin University: Estate and Gift Tax Update

Posted on: 11/2/18 by Christopher L. Cimijotti, CPA

Marvin and Company, P.C. will host the next webinar in its complimentary series titled: “Estate and Gift Tax Update” on Wednesday, November 14th from noon to 1 p.m. Individuals planning for their estates and advisors interested in estate planning are encouraged to participate in this FREE webinar.

Your guide for this webinar will be Christopher L. Cimijotti, CPA, Principal

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