Books That Hold Up to Customers and Auditors
Many Grand Prairie businesses answer to demanding customers: prime contractors, retailers and freight clients who audit their invoices. Their books need to be accurate and timely. BOMCAS keeps books for Grand Prairie businesses remotely, closed each month with reconciliations and reports.
Our standard routine appears on the Texas bookkeeping page. Here it is tailored to Grand Prairie suppliers, warehouses and carriers.
Contract Cost Tracking
Suppliers working on federal programmes may be asked to show their costs by contract. That means recording labour by charge code from timesheets, separating direct and indirect costs, and keeping unallowable costs such as entertainment and certain interest out of overhead pools. Even firms on fixed-price orders benefit from job costs that show which contracts make money.
Manufacturing Inventory
Plants and shops track raw materials, work in progress and finished goods. We reconcile inventory to the production system each month, record scrap and adjustments and support year-end counts. Accurate inventory drives both the federal return and the franchise tax cost of goods sold.
Third-Party Logistics
Warehouses that store and ship for clients bill storage, handling, pick-and-pack and freight. Each client's revenue and costs are tracked separately, and freight billed through to clients is matched to carrier invoices. Damage claims and chargebacks are recorded until resolved.
Trucking
Carriers and brokers track revenue by load, fuel by truck, maintenance, tolls and driver pay. Fuel tax reports under the International Fuel Tax Agreement need miles and gallons by state, which should agree with the books. Brokers record carrier payables and customer receivables separately.
Restaurants and Markets
Restaurants and grocery stores around Asian Times Square and elsewhere take cash, cards and delivery app orders. We reconcile daily sales to deposits, record app commissions as expenses, track tips and separate taxable and exempt sales. Inventory for groceries is counted periodically and adjusted for spoilage.
Family Businesses
Family companies often pay relatives, lend money between the business and owners and hold property in a separate company. Each of these is recorded properly, with loan balances and rent agreements on file.
Business Personal Property
Businesses render equipment and inventory by April 15 to the appraisal district for their location: Dallas, Tarrant, Ellis or Johnson. Distributors whose inventory leaves Texas within 175 days may qualify for the freeport exemption where it is offered, which requires good records of shipments.
Tooling Owned by the Customer
Aerospace suppliers sometimes hold tooling that belongs to the prime contractor, alongside their own equipment. It should not appear as the supplier's fixed asset just because it sits on the shop floor. We keep a separate register of customer-owned tools, deposits and maintenance costs so insurance, property renditions and depreciation all reflect who owns what.
Monthly Deliverables
- Bank, card and loan reconciliations.
- Job, contract or client profit reports.
- Inventory reconciliation.
- Sales tax figures.
- Payroll entries.
- Profit and loss and balance sheet.
Getting Caught Up
Businesses that are months behind on their books can catch up before switching to a monthly routine. We reconcile each account month by month, fix miscoded entries and give you a clean starting balance sheet.
Grand Prairie Bookkeeping Questions
Can you track costs by contract for a defence supplier?
Yes, with labour by charge code and direct and indirect costs separated.
Do you help with IFTA fuel tax figures?
We keep the books that support them and reconcile miles and fuel to the records.
Can inventory shipped out of Texas be exempt from property tax?
It may qualify for the freeport exemption where offered.
Which software do you use?
Usually QuickBooks Online, or the system you already use.
Talk to BOMCAS About Bookkeeping in Grand Prairie
Monthly books feed sales tax and payroll, and annual books feed the business return, owners' personal returns and planning. Missing years are rebuilt through late filing, and foreign owners are reported under cross-border tax. The rules that apply across Texas are explained on our state pages for business returns, individual returns, sales and use tax, payroll, tax planning, late filing and international tax, reachable from the Texas overview.
Running a shop that supplies the big plants, a fleet off Interstate 20 or a restaurant near Asian Times Square? Send BOMCAS a short note and we will tell you what we would check first and what we need to quote. Go to the contact page or use the form below, call 780-667-5250 or write to info@bomcas.ca. Every Grand Prairie service is linked from the Grand Prairie overview. This page offers general information and is not advice on your own situation.