Frequently, when filling out our monthly ( or quarterly ) tax forms to send our sales tax payments to the state, we run across the issue where they want more detail on our “Exempt” taxes. ( If your lucky enough…
Cash Basis vs Accrual Basis
How does Lizzy handle her accounting? The answer to that is that she runs an Accrual Accounting Basis, with a slight exception regarding invoicing. First – why Accrual Basis? Well – lets define for you cash-basis vs. accrual-basis accounting. Cash…
Lizzy at Profit Xcelerator 2011
I wanted to take a few minutes to let everyone know that we’re at this years Power Sports Business Profit Xcelerator 2011 and are surprised by how few dealers actually took advantage of all of the information available here. Each…
How Lizzy Handles Prepaid Sales Tax ( or Tax Assessments )
Various states handle sales tax collections in various ways, but one of the more difficult to grasp concepts is prepaid tax. The easiest way to describe it is to give you an example. In Ohio, if you pay enough sales…
Processing Refunds on Credit Cards
Honestly, I was a bit surprised to see how many of our customers are actually processing refunds on their credit card machines or through Lizzy. I just assumed that everyone had thought that practice through. So I wanted to take…