Dustin Wheeler

Dustin Wheeler
Dustin is a technology-driven CPA in Orem, Utah.

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An accountant's favorite number

Someone recently told me that an accountant’s favorite number is zero.  After spending approximately zero seconds pondering the statement, I asked why.  Her response was that when reconciling an account in QuickBooks, if the difference line is $0.00, it is reconciled correctly and her work is done!  I agree that it is a great feeling.  (Just say “no” to reconciliation discrepancies, which is what happens if the difference line is not zero.)

Come to think of it, zero is a solid …

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Set amount thresholds in Xero bank rules so fixed assets aren't expensed

One of my favorite things about Xero, an online accounting software, is its ability to automatically categorize transactions based on a customized set of rules.  While other accounting software have some built-in automation features (such as pre-filling information from the last entered transaction for a payee), Xero is unique in that it categorizes transactions when they match certain conditions for payees, amounts, references, etc.

While this automation can save a lot of time classifying transactions, it could also result in misclassifications if …

Continue reading Set amount thresholds in Xero bank rules so fixed assets aren’t expensed

Bank rules in Xero for fixed amount checks

One of my favorite things about Xero, an online accounting software, is its ability to automatically categorize transactions based on a customized set of rules.  While other accounting software have some built-in automation features (such as pre-filling information from the last entered transaction for a payee), Xero is unique in that it categorizes transactions when they match certain conditions for payees, amounts, references, etc.

For example, I set up an automatic monthly payment on my bank’s online banking site for a …

Continue reading Bank rules in Xero for fixed amount checks

Why I Cringe When I See “Reconciliation Discrepancies” in QuickBooks

You’re near the end of a long and busy day, reconciling your bank account in QuickBooks.  You’ve checked off every deposit and check from the bank statement and thought you were done, but the bottom right corner of the reconciliation screen says “Difference: $20.00.”

You need to hurry to make it to a dinner appointment, so you click on the “reconcile now” button anyway, and the following box appears:

QuickBooks Reconciliation Discrepancy

You’ve cleared dozens of transactions totaling several thousand dollars, so …

Continue reading Why I Cringe When I See “Reconciliation Discrepancies” in QuickBooks