My Dad was a chemistry teacher and part of his teaching method included applying other areas of study to chemistry. He would explain that chemistry was not a subject unto itself. It also includes writing and solving math problems. He...
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How to record prepaid expenses
Expenses that are purchased and paid for in advance are classified as prepaid expenses. For example, a horse stable may purchase fire insurance to protect the business from unforeseen occurrences. The following will show how to account for a fire...
Gambling Winnings and Taxes
A former co-worker of mine has a son who was asked to tell his teacher what the four seasons are. He said, "Summer, Fall, Winter and Tax Season!" ...
K.I.S.S. – Keep it Simple, Sweetie.
Recently, I worked on a software customization project in preparation for implementing new software. I realized rather quickly that the input methods that were being used were a bit confusing. The data entry process had too many paths. People who...
Springtime Memories
I love springime, don't you? I have more energy, the snow goes away, and I can ride in an outdoor arena again. I have been working on some great blogs and promise to publish them soon. In the meantime, please tell...
Dear Santa, I Want a Pony for Christmas
Dear Santa, I Want a Pony for Christmas. Thank you,Bonnie from Greenwood Dear Bonnie, Taking care of a pony is something very special, but it is a big job. You were very good this year and you deserve a...
Care, Custody and Control: the Three Cs of Sales Tax
Many New York State commercial horse boarding facility owners do not know that the majority of their boarding services are taxable. This means that facility owners must charge and collect sales tax from their boarding customers. Penalties, interest and in...
Rein In Cash Reconciliations
Friends of mine owned a business and they kept their financial records on QuickBooks. Every month when they received their bank statement, they opened up QuickBooks on their computer and reconciled their cash transactions with their bank statement. Because they...
Say “Whoa!” to Fraud!
Have you ever watched a Western movie and noticed the cooks? Ok, I have to admit I found the horses a lot more interesting. However, the cooks had the power of the triangle. They would ring the wrought iron triangle...
Cash is King
The expression, "Cash is King," has been around a long time, and for good reason: Cash is the first asset listed on a balance sheet (see definition below). Hence it is the leader (King) of all other accounts. In chess,...