Assets
Software amortization was missing, inflating this account.
What is Intangible Assets?
This account included a $1,500 duplicate bill, making the balance overstated.
What is Accounts Payable?
Under the The Tax Cuts and Jobs Act, businesses can no longer deduct these expenses, which were really "fun."
What are entertainment expenses?
This team member has more than one daughter who is a nurse.
Who is Karen Ulmanis? - (AND one is a nurse practitioner!)
Businesses preparing for fundraising, an M&A deal, or an IPO are prime candidates for this kind of outsourced executive role.
What is a Fractional CFO?
Equipment disposed in August ($10,000) was still included in this asset account.
What is Property, Plant & Equipment?
Multiple small withdrawals ($50–$200 each) were posted to miscellaneous expenses instead of this account.
What is Owner’s Draws?
Even after the TCJA, businesses can generally deduct 50% of the cost of these when they are directly related to the active conduct of business.
What are meal expenses?
This manager lives near a "floating green" - a Golf Course world-famous for its floating 14th hole, which sits on a man-made island that moves daily.
Who is Natalie Selbe?
This inventory costing method can inflate taxable income in times of rising prices.
What is FIFO?
Not writing off obsolete inventory, overestimating AR, and not depreciating assets correctly will . . .
What is Overstate Assets?
$400 of tax collected was not remitted → understating this balance.
What is Sales Tax Payable?
One of the top three costing mistakes ecommerce businesses make is failing to adjust this account balance at year-end.
What is Ending Inventory?
This fun and young manager loves to crochet!
Who is Maura Forsgren? (WTH - Crochet? Must learn more.)
Tariffs on shipments under $800 will now range from this lower percentage up to this higher percentage, depending on product and origin country.
What is 10-50%
This asset account normally holds a positive balance but it can occasionally appear negative due to overpayments, credit memos, or refunds. (Must explain how to validate or fix.)
What is Accounts Receivable (A/R)?
Run an A/R Aging Report to find negative balances.
Investigate overpayments, refunds, or credit memos.
Apply credits to invoices or issue refunds as needed.
Ensure future payments are properly applied to prevent recurrence.
This expense often goes unrecorded when loans or lines of credit are only partially reconciled. Failing to recognize it understates both liabilities and total expenses, distorting net income.
What is Interest Expense?
The Tax Cuts and Jobs Act of 2017 lowered this U.S. rate from 35% to a flat 21%.
What is the corporate tax rate?
Outside of work, you’ll often find this team member on the trails, enjoying regular hikes with friends.
Who is Denise Baker?
Prices are at their highest annual inflation rate in roughly this many years.
What is two Years?
This account should not have a balance more than a couple of days old at any given time as it is usually just a "waiting account."
What is undeposited funds.
This account automatically captures the offset of opening balances in QuickBooks; any lingering balance can indicate unposted owner contributions or withdrawals.
What is Opening Balance Equity?
These assets represent future tax benefits a company expects to realize due to temporary differences or net operating loss carryforwards. They must be assessed for recoverability each period.
What is a Deferred Tax Asset (DTA)?
This team member grew up in the mid-west
Who is Erika Amonett?
OpenAI’s upcoming ecommerce feature allows users to pay for products directly inside this AI platform.
What is ChatGPT?