QuickBooks’ structure is universal enough to appeal to millions of small businesses. But not all small businesses are alike. Custom fields help you shape it to meet your company’s unique needs.
If you’re using QuickBooks, you probably know that you’re complying with the rules of double-entry accounting. The software is designed such that you can be compliant with these requirements without even being aware of it. You’re dealing with invoices, purchase orders, bank account reconciliation, bill-paying, and payroll; not debits and credits and journal entries. QuickBooks does the double-entry part for you in the background.
While every business that uses QuickBooks is following those same double-entry accounting rules, each has its own unique structure and its own need to modify some elements of the program to do certain tasks, for example:
- Store more specific information about customers, vendors, and employees in their records,
- Differentiate between variations of similar inventory items, and,
- Create more targeted reports.
This is where custom fields come in.
Under IRS definition, an accounting method is a set of rules used to determine when and how income and expenses are reported.
Normally for IRS purposes, the accounting method; cash vs accrual is chosen before you file the first business income tax return. It must then be used on a consistent basis for the life of the business, unless changes in the business occur that statutorily necessitate a change in the accounting method. If you wish to change methods for particular reasons of your own, you must get written permission from the IRS.
When you bill the client, when you actually receive the money and bank it, and when the job and its guarantees reach completion can each define when you have to report the income.
Normally, you calculate your income and expenses by using three major methods: 1) Cash Method; 2) Accrual Method; or 3) Hybrid Method in which select elements of cash and accrual are combined.
One in a continuing series spotlighting real estate markets in the region's communities.
There's more than just one Berlin at the end of Haddonfield-Berlin Road in Camden County.
Today's destination is Berlin Township, also known as West Berlin, which refers to the unincorporated community where most residents live.
As confusing as it all is - especially when you toss in Berlin Borough, which was created from the township by referendum in 1927 - convenience is the word Realtor Val Nunnenkamp applies to this community of 5,362.
"Convenient location," Nunnenkamp says.
"It is between the borough and Voorhees," says Nunnenkamp, an agent with Berkshire Hathaway HomeServices Fox & Roach Realtors in Marlton, and "that means shopping and other amenities those two communities offer are convenient" - though the township has plenty to offer, as well.
"Most people don't realize you pay 8 percent to 12 percent less for houses in the township than you do in the borough, and 12 percent to 17 percent less than for homes in Voorhees," he says.
There is little home construction in Berlin Township, he says, except for the "very popular" over-55 community Montebello, being developed by J.S. Hovnanian & Sons, with homes starting at $299,000.
"I've sold 12 homes there," Nunnenkamp says. "With prices averaging $340,000 to $540,000, it is by far the most expensive neighborhood in Berlin Township."
Otherwise, there is not much land available for building, he notes - though that wasn't always the case.
The first major development built in Berlin Township was Berlin Estates, off Harker Avenue, which was opened in 1956.
"The houses were designed as entry-level homes for veterans, and were 870 square feet, with three bedrooms and one bath - five rooms being the standard model," Nunnenkamp says.
The houses were built on slabs, so there were no basements. The price: $10,000.
"Roses were grown on the property where the houses were built, so the builder called the entrance 'Rose Lane,' " Nunnenkamp says.
In the intervening 60 years, homeowners have added on, often an extra 500 or 600 square feet, and the average sale price is now $149,900 "if beautiful," he says.
That's an average of $1.30 a square foot, Nunnenkamp says, adding that "if you still own an original little 'box,' it is $1.15 to $1.20 a foot."
Pinecrest, off Franklin Avenue, came along next, in 1962, he says.
"These bi-levels, split-levels, ranchers, and two-story homes sold for $12,000 to $20,000 originally," Nunnenkamp says.
Homes in Pinecrest also have been updated and expanded - they did have basements - and now sell for $160,000 to $230,000, he says.
Centaurion Woods - bi-levels, ranchers and two-story homes - behind the Berlin Township Police Department building was built in 1973 with homes that originally sold for $48,000 to $65,000.
"It isn't as popular as some other locations," Nunnenkamp says, probably because of its closeness to busy Route 73 and the fact that the development was built among older bungalows.
Two active listings in Centaurion Woods are priced at $145,000 and $157,000, Trend Multiple Listing Service data show.
Other than at Montebello, prices typically fall into the $150,000 to $250,000 range, meaning that Berlin Township is a perfect address for the first-time buyer, Nunnenkamp says - "a nice little starter home for the money in a nice little town."
In the last six months, there were 49 sales here. Currently, 19 sales are pending, and there are 42 active listings. The average property tax bill in the township is $6,074, up 2.6 percent from 2014.
"Berlin has a little downtown along Haddonfield Road, Route 561, three ballparks and a playground, lots of stores and places to eat," Nunnenkamp says.
Most popular are Sundaes ice cream shop on Route 73 and Sprinklz on Haddon Avenue, which draw customers from 30 miles away, he says.
"Los Amigos and Oceanos Family Restaurant have been there for 40 years," he says. And then there's Jersey Joe's Hoagies and Deli on Haddon Avenue - before or after the homemade sea salt caramel water ice at Sprinklz.
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