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#chart-of-accounts

Chart of Accounts

Design and organize your account hierarchy for effective financial tracking

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12 минути четене

Optometry Practice Bookkeeping: Medical vs. Vision Billing, Inventory, and Practice-Value KPIs

Independent optometry practices earn from five distinct profit centers — routine vision plans, medical insurance, frames, lenses, and contact lenses — each with different margins and billing pathways. This guide shows how to build a chart of accounts that separates VSP/EyeMed routine revenue from medical billing, capitalize frame inventory, treat contact lens supplies as deferred revenue under ASC 606, and surface the KPIs (revenue per exam, optical capture rate, normalized EBITDA) that lenders and acquirers ask about.

Mike Thrift

bookkeepinghealthcarechart-of-accounts
11 минути четене

Pet Boarding, Daycare, and Grooming Bookkeeping: Run-Night Revenue, Add-On Allocation, and Gingr/PetExec Reconciliation

Pet boarding, daycare, and grooming operators run three businesses under one roof — services earned over time, retail earned at sale, and pass-throughs that are never revenue. This guide builds a chart of accounts that separates service lines, recognizes boarding revenue per run-night through a deferred-revenue liability, allocates add-ons to the service that produced them, and reconciles Gingr or PetExec daily summaries to the bank deposit by isolating processor fees, tips payable, deposits, and refunds.

Mike Thrift

bookkeepingsmall-businesschart-of-accounts
15 минути четене

Recording Studio Bookkeeping: Session Pricing, Royalty Splits, and Section 179 on Pro Tools Rigs

How commercial recording studios should book session vs. project revenue under ASC 606, classify engineers and producers across W-2, 1099-NEC, and 1099-MISC Box 2, treat client retainers as liabilities, separate producer points from mechanical royalties, and decide between Section 179 and MACRS on studio gear.

Mike Thrift

bookkeepingcreative-industriesrevenue-recognition
11 минути четене

Section 277 and 501(c)(7): Member vs. Nonmember Income for Social Clubs

Section 501(c)(7) social clubs must keep nonmember income under 35% of gross receipts and nonmember facility use under 15%, while Section 277 quarantines member-side losses for nonexempt membership organizations. This guide walks through how the two rules interact, how to allocate UBTI expenses on Form 990-T, and how to structure a chart of accounts so the member/nonmember split survives an IRS examination.

Mike Thrift

taxtax-compliancenonprofit
10 минути четене

Undeposited Funds Explained: How the Holding Account Works and How to Clear a Stuck Balance

Undeposited funds is a temporary asset account that holds customer payments between receipt and bank deposit, letting individual receipts match a lump-sum bank line. This guide covers the three-step journal pattern, four common ways stuck balances accumulate, and three cleanup methods that preserve audit history.

Mike Thrift

bookkeepingaccounting-basicsreconciliation
11 минути четене

Opening Balances Done Right: Mid-Year Setup and Clearing the OBE Account

Opening Balance Equity is the suspense account accounting software creates to keep the balance sheet in balance during migration. Build a supportable opening trial balance, reconcile every account at the cutover date, then journal OBE into Retained Earnings, Owner's Capital, or Common Stock and Additional Paid-in Capital based on entity type.

Mike Thrift

bookkeepingmigrationjournal-entries
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