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Showing content with the highest reputation on 07/01/2014 in Posts
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Instead of using miscellaneous, I once had a client that had a GOK account. I asked what that was and was told it meant God Only Knows.2 points
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Some dogs fetch the newspaper. Others know how to shake hands. Then there’s Dan Cena’s Rottweiler who likes to sing. Cena took video of the talent and posted it on YouTube, showing his daughter giving a rendition of “Baa Baa Black Sheep” and “Twinkle Twinkle Little Star” with the dog “Coco” chiming in. Take a look:1 point
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Well, that's a good one. When I was teaching accounting, I had my students put their 'unknowns in the WITTB account. For those who don't know, that's the What It Takes To Balance account.1 point
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That's why I don't tell them not to use Miscellaneous - I just ask for a transaction report for that account and then pop things into the correct account with a journal entry. Some clients use Ask Accountant the same way, but most of them like miscellaneous better because they think they already know where it goes.1 point
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Ah, yes, QB makes it so easy, just adding a new account for not only new situations but for typos too.1 point
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When I first got into the accounting business over 40 years ago, I was told to look at anything I was tempted to put into "Miscellaneous" and imagine someone asking me to explain what that expenditure was really for. The answer to that question is where the initial entry should go. So I just make that up-front decision and I never use "Miscellaneous" on a financial statement or a tax return.1 point