About Sheila Harms

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So far Sheila Harms has created 317 blog entries.

Spring cleaning in QuickBooks

  Have your company’s accounting records become cluttered with duplicate items and unused accounts? When you need to revise your QuickBooks® lists — such as the chart of accounts, customers and vendors — the software provides methods for deleting, inactivating and merging list entries. Here’s what you can do to help spruce things up. Deleting [...]

By |2023-04-27T09:07:20-05:00April 15th, 2023|Accounting & Auditing Resources|

New-and-improved accounting rules for common control leases

  On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The updated guidance clarifies issues that are relevant to rental agreements between businesses that have the same owner. Written vs. verbal leases Accounting Standards Update (ASU) No. 2023-01, Leases (Topic 842) Common Control Arrangements, explains [...]

By |2023-04-27T09:07:05-05:00April 15th, 2023|Accounting & Auditing Resources|

Demystifying deferred taxes

  Deferred taxes are a confusing topic — and the accounting rules for reporting these items often seem to defy the logic of real-world economics. Here’s a brief overview to help clarify matters. What are deferred taxes? Companies pay income tax on IRS-defined taxable income. On their Generally Accepted Accounting Principles (GAAP) financial statements, however, [...]

By |2023-04-27T09:05:09-05:00April 1st, 2023|Accounting & Auditing Resources|

Going green could save greenbacks and more

  Nowadays many businesses are looking for creative ways to cut costs and preserve profits. As a bonus, some profit-enhancement initiatives can also be good for the environment. Here are some eco-friendly moves that may enable your business to cut costs — as well as build revenue and long-term value. Cost-cutting measures The most obvious [...]

By |2023-04-27T09:04:54-05:00April 1st, 2023|Accounting & Auditing Resources|
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