Category Archives: Bookkeeping
The Loan Repayment Journal Entry
This method follows the matching principle of accounting, which states that revenues and expenses are recorded when they happen, instead of when payment is received or made. The loan payable…
Insurance Expense Overview, Types, Insurance Payable
Several types of accounts help you manage taxes as you invest for the future. Retirement accounts such as 401(k)s and traditional IRAs allow you to reduce taxable income for the…
28 Payroll Terms You Should Know If You Run a Small Business
You’ll hear this thrown around quite a bit and also referred to as FLSA. This is the federal act that consists of numerous laws meant to assure that employees are…
What is meant by nonoperating revenues and gains?
A company can earn record-high revenue and still report a negative profit. We have to record the final realized gain which arises from the difference between purchased price and…
Accounting 101: Debits and Credits
This applies to both physical (tangible) items such as equipment as well as intangible items like patents. Some types of asset accounts are classified as current assets, including cash accounts,…
Solved: Land contract
The gain on the original transfer is actually earned only when the land is subsequently disposed of to an outside party. Therefore, appropriate consolidation techniques must be designed to…
What is the difference between an invoice and a voucher?
Yes, employees may be eligible to request an advance payment for authorized travel expenses instead of submitting a local voucher. However, advance payments require approval and must be reconciled later…
What is Responsibility Accounting? Definition, Centres, Steps- The Investors Book
It provides simple “round number” pricing, few products, and rapid service. Out To Lunch also has a catering service for sporting events, corporate outings, and similar occasions. The executives of…
Why Accounts Payable AP is Adopting a Customer-Centric Mindset Kofax
SAGE has found that 90% of accountants think accounting is going through a cultural shift that favors technology. The receipt includes a description and the number of items included in…
8 Easy Steps to Reconcile a Bank Statement & Best Practices
The difference between the balance reported in the bank column of the cash book and the passbook on any particular date is reconciled in a Bank Reconciliation Statement. It helps…
Accounts Payable Services Providers
Of course, this rapid change in processes can cause problems in-house, especially if your employees are used to your old procedures. As most outsourcing providers charge per invoice, duplication errors…
QuickBooks Desktop & Enterprise Integration For Amazon Sellers
Your account will automatically be charged on a monthly basis until you cancel. Each employee is an additional $4/month for Core, $8/month for Premium, and $10/month for Elite. Contractor payments…
Owners Equity Learn How to Calculate Owner’s Equity
All the information needed to compute a company's shareholder equity is available on its balance sheet. Retained earnings are part of shareholder equity as is any capital invested in the…
Incremental Cash Flow: Definition, Formula, and Examples
The Paper FFM Study Guide references E3 c) and E3 d) require candidates to be able to both discuss the concept of relevant cash flows and identify/evaluate relevant cash flows.…
Accounting Software for Amazon Sellers: Achieve Peak Productivity
It can be confusing because you must account for everything, including the type of item, order fulfillment date, location, and recipients. Embracing innovative software like this is no longer a…
What is Financial Month End Close?
Depending on your organization's accounting system, month end closing processes can be done in hand-written journals, computer spreadsheets or a full-blown accounting program. Update accounts payable, accounts receivable and other…
Amortizing Premiums and Discounts Financial Accounting
When you use the effective interest method, the carrying value of the bonds is always equal to the present value of the future cash outflow at each amortization date. The…
Financial Ratios List, Definition, Examples and Formulas
Determining individual financial ratios per period and following the adjustment of their values over the long run is done to recognize patterns that might be created in an organization. Investors…
Fed Officials Thought Rates Could Rise More if Inflation Stayed Stubborn The New York Times
"Going further, investors like to measure how and liabilities evolve over time in relation to other fundamental considerations, like sales growth or earnings," adds Stucky. "For example, it's not a…
Every Tax Calculator Your Small Business Needs for 2022
He added that understanding tax implications and having a good accountant could save drivers "thousands of dollars" annually. In 2022, he drove over 50,000 miles for ride-hailing services and said…
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