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25 set 2023

What Is the Unit of Production Method & Formula for Depreciation?

Por |25 de setembro de 2023|Bookkeeping|0 Comentários

The journal entry to record the purchase of a fixed asset (assuming that a note payable is used for financing and not a short-term account payable) is shown here. If you decide to use units of production depreciation, keep in mind that your tax preparer will still make a separate depreciation calculation for tax purposes. [...]

6 set 2023

Virtual Bookkeeping Services

Por |6 de setembro de 2023|Bookkeeping|0 Comentários

If you have at least 2 months of data in QuickBooks, there’s a flat fee for cleanup and setup for the first month of service. After the first month, pricing for QuickBooks Live Bookkeeping is based on your company’s average expenses in QuickBooks. Every three months, QuickBooks Live Bookkeeping automatically adjusts to the needs of [...]

1 set 2023

What Is a Bank Reconciliation Statement, and How Is It Done?

Por |1 de setembro de 2023|Bookkeeping|0 Comentários

However, the bank service charge of $10 in our bank statement doesn’t appear in our check register. The bank service charge is erroneously omitted from the books, so it should be added to the check register. The checks reported in the bank statement above pertain to vendor checks that Paul’s Plumbing issued. The vendors deposited [...]

3 ago 2023

How to Outsource Your Bookkeeping Bench Accounting

Por |3 de agosto de 2023|Bookkeeping|0 Comentários

With many aspects of finance and accounting fitting the bill as transactional and/or rules-based, such jobs lend themselves to outsourcing and, in turn, ease the pressure on small and medium-sized businesses. However, they usually offer some “assurances” that solo bookkeepers can’t. And, in the event that someone handling your books has to take a leave [...]

25 jul 2023

Outsourcing Payroll Top Reasons to Outsource Your Payroll

Por |25 de julho de 2023|Bookkeeping|0 Comentários

Payroll co-sourcing is a type of payroll outsourcing in which a third-party payroll provider and employees of the business share payroll processing responsibilities. That way, a small business is getting the best of both worlds, allowing them to selectively decide what aspects of payroll they do themselves and which they’d rather have done by the [...]

21 jul 2023

7 Best Online Bookkeeping Services for Small Businesses

Por |21 de julho de 2023|Bookkeeping|0 Comentários

For example, you may have estimated certain invoices that are later solidified with an actual number. Though often confused for each finance panel weighs uses for arpa funding other, there are key differences between bookkeeping and accounting. At its core, bookkeeping is about recording financial data, while accounting is about interpreting financial data. You have [...]

20 jul 2023

What Is Comprehensive Income? Its Income Not yet Realized

Por |20 de julho de 2023|Bookkeeping|0 Comentários

Comprehensive income excludes owner-caused changes in equity, such as the sale of stock or purchase of Treasury shares. Income excluded from the income statement is reported under "accumulated other comprehensive income" of the shareholders' equity section. A smaller business with relatively simple operations may not have engaged in any of the transactions that normally appear [...]

26 jun 2023

Adjusted Trial Balance What Is It, Example, Accounting, Purpose

Por |26 de junho de 2023|Bookkeeping|0 Comentários

To account for accrued revenues, an adjusting entry is made to recognize the income in the period it was earned, rather than when cash is received. This involves debiting an asset account, such as Accounts Receivable, and crediting a revenue account. By doing so, the financial statements reflect the true revenue generated during the period, [...]

22 jun 2023

Bank Reconciliation: Purpose, Example, Process

Por |22 de junho de 2023|Bookkeeping|0 Comentários

After adjusting all the above items, you'll end up with the adjusted balance as per the cash book, which must match the balance as per the passbook. The bank statement and the company’s records now both show a $6,975 balance. Next, prepare the business records, which can be maintained on a software tool or manually [...]

20 jun 2023

Accounting & Bookkeeping for Construction Companies

Por |20 de junho de 2023|Bookkeeping|0 Comentários

The fees that can be charged by bookkeepers depend on their level of experience and the nature of the job that is required. Construction expense reports are compiled by recording the purchase as an expense on the income or profit and loss statement. Features, such as timecards, can be synced automatically while working remotely so [...]