Member Since: Jul 22nd 2016
Michael Abrams is the Owner of Abrams Business Management Services ("ABMS") and has spent over 25 years working with small- to medium-sized businesses and entrepreneurial startups. His honesty and integrity are beyond reproach. He has experience in many different areas of small business management including financial reporting, budgeting, HR & Payroll (including administering retirement plans, workers’ compensation and safety programs). His experience and wide industry exposure allow him to quickly assess a situation and take appropriate corrective action. He is also experienced in project managing the acquisition and implementation of accounting and bookkeeping software. Additionally, Michael is a proponent of World Class Customer Service and offers customer service training, both internal and external. Customer service, after all, is really the only thing that differentiates one business from another.
He started ABMS in 2018 with the goal of helping SMBs and startups avoid the common financial and operational pitfalls of starting/running a SMB.
Owner Abrams Business Management Services
Nov 3rd 2018
Actually, there is really nothing that needs to be done other than to call the bank and ask them why this transaction occurred in this manner. It was probably just a mistake on the bank's part and nothing to worry about.
But, I find it amusing that the focus is on the proper bookkeeping of the transaction (which was already correct) and not on the real issue which is, why the bank handled it the way it did.
Sometimes the best way to the answer is to simply ask the right question of the right people...
Oct 13th 2018
Since I don't know what position you hold and what authority you have, I suggest the following:
Make a schedule of all the old items that need writing off, separated by AR & AP items. Provide as much detail as possible regarding the original entry - that is, try to explain the reason for the original entry.
Along with the schedules, show the resulting fund/account impacts of writing off the accounts - this may have significant ramifications depending on the nature of your organization and whether or not you receive government funding (grants, contracts, etc.).
Bring the schedules/impact to the attention of the highest level accounting/finance person in the organization who has the authority to approve the adjustments. This information may also need to be brought to the attention of the Board of Directors and the organization's CPAs if any of the adjustments will have significant impact anywhere.
Jan 31st 2018
While I personally don't care about a persons' "person", meaning I focus on an applicant's skill set, it's sort of a Catch-22 situation for an organization to be diverse. By that I mean that in order to be pro-actively be diverse, one must, by definition, discriminate in favor of the diversity objective.
Case in point: I had a friend who put 4 years in the Air Force in the Fired Department. He should have been able to waltz in to any fire department in the US and simply step in to a job. However, because he wasn't part of any targeted "equal opportunity" class, he COULDN'T be hired by any fire agency in our state. Sad, really.
I personally think the answer is to create some sort of objective/anonymous hiring process whereby the applicant's race/ethnicity is hidden until the hiring decision/actual job offer has been made, then all the details will come out during reference checking/background checks, etc. I think we have the technology to do this. For example:
Submitted resumes should only list past positions. Any telephone interview could be had with some sort of voice distorter and even "in-person" interviews could be done from behind a curtain. Education could be listed as "BS Degree from an accredited higher education institution..." All this is far fetched, I know, but I think y'all get my point...
Sep 1st 2017
This is a fairly simple matter, really...
Simply create an invoice in QB to the customer (you won't need to send it out) and credit the Sales Discounts account.
This will put the 2% amounts back on the customer's account (where it belongs) and "erase" (YTD) the previous discounts "taken" in error.
I wouldn't use a "bad debt recovery" account, because that is not what this is. This is simply a correction for prior period errors, which should offset the original account affected.
This will put the books back in proper order, but it may take an explanation to the owner as to the reason the Sales Discounts account is going the wrong way in the current period...
If the amount is significant, a decision might be made to restate prior closed periods...