How to start the year with your finances

Last year was a blast for me. I achieved the discipline of saving and giving consistently. Well it was good but I know this year will become better. But, how do we normally start with our finances this year if we are in a massive debt or how to practically start from the very scratch.. I got basic steps for you. This is not a quick step guide how to be a millionaire but every millionaire know this.

1. Evaluate your past year

Get a piece of paper and start by evaluating your past performances because you will confront your weakness and opportunities. Many of us don't know where they are now but they know where to go. You need to face the truth that you are currently in a bad situation or you are not progressing with your financial goals. By simply doing that you will achieve more because of awareness.

2. Read a lot and apply

The late Ernie barron said that Knowledge is power but for me without applying what you know you are useless. Many of us know that we need to do something but we are always procrastinating (ouch). Your finances is very important and you must believe that this will be resurrected this year. You need to read blogs or books, follow personal finance guru like dave ramsey, randell tiongson, suze orman or larry burkett. They taught me a lot by simply following their personal finance tips.

3. You must Pray according to His will and expect an answer

There's a lot of distraction and things that we cannot control in this life. Perhaps you might be wandering right now what to do with your finances or you don't know what to do because you are in massive credit card debt. Prayer is so powerful because you are letting God move in areas of your life. In the bible God says a lot about money. More than 2000 verses in the bible and that means God wants you to prosper all you need to do is to follow those principle that He keeps on telling you. Grab a bible start reading the works of Solomon (wisest king ever lived) the book of proverbs contains a lot of stewardship and financial management principles so might as well read it and apply.   

Start strong but end stronger. Never lose hope

If you have questions send me an email at david_angway@yahoo.com

David Isaiah Angway is a Registered Financial Planner and a Financial Evangelist

 

How To Track Equipment Rentals In Quickbooks

Some companies expand their revenue streams by renting out equipment to others. As some business owners may have found out, tracking of rentals and properly accounting for the money they generate is a tedious task. The goal is to show you two ways to track rentals using QuickBooks and QuickBooks Point of Sale.

QuickBooks Only Method

QuickBooks does not have a specific area or tool that allows you to track rentals; however, do not let this stop you.

1. Identify all the equipment you will rent out.
2. Enter the equipment as non-inventory items in QuickBooks
3. Setup the individual equipment names as Other Names
4. Use timesheets to track the rental/reservations
5. Mark the time entries as billable and then create an invoice for billable expenses.

QuickBooks Point of Sale Method

Using QuickBooks POS to track rentals is a lot easier than using QuickBooks. QuickBooks Point of Sale is able to use deposits and set up specific items and fees that can be adjusted on the fly instead of QuickBooks.

1. Identify the equipment you will rent out.
2. Create an inventory item for the equipment.
3. Set the cost to zero, the price to zero, and the quantity to the number of units you have to rent out.
4. Create a non-inventory item named Deposit on Equipment make the price zero
5. Repeat the process above but name the item Rental Fee.
6. When a customer rents the item, create a receipt with the inventory item on the first line of the sales receipt.
7. On the same receipt, Deposit on Equipment item will be the next item you add. The inventory item (the rental) will be 0 dollars, while the Deposit on Equipment will have the amount you are charging for the deposit.
8. Record the receipt, take the payment using standard payment methods.
9. Track the equipment using either a spreadsheet or another process.
10. When the item is returned, locate the receipt and reverse it. This will create a refund for the customer. If the deposit was done using a credit card, the card will be automatically refunded. This process places the rented item back into inventory.
11. Create a new receipt using the non-inventory item Rental Fee and enter the amount for the rental charge.

It may be wise to track rental equipment as a fixed asset in QuickBooks so you can depreciate it for tax purposes. Please speak with your accountant about this.