Category: Bookkeeping

It’s important to perform a bank reconciliation periodically to identify fraudulent activities or bookkeeping and accounting errors. This way, you can ensure your business is in solid standing and never be caught off-guard. Finally, compare your adjusted bank balance to your adjusted book balance. Since …

If the bond is sold at a discount, the company will record the cash received from the bond sale as “cash”, and will offset the discount in the contra liability account. Accountants use contra accounts rather than reduce the value of the original account directly …

Now that you have completed the review and verification process, you can rest assured that your payroll liabilities in QuickBooks Online are accurately adjusted, reflecting the changes you have made. Now let’s move on to making changes to the payroll tax liabilities in QuickBooks, but …

Download our whitepaper, The Holy Grail of Accounts Payable, to discover a more holistic strategy for automating accounts payable and taking a modern approach to nonprofit accounting. Another key advantage of nonprofit accounting solutions is the ability to generate insightful and comprehensive reports. These reports …

Cheap, simple to use, and available in desktop and mobile versions, QuickBooks Self-Employed allows you to manage your accountsOpens a new window as you go. Create invoices, record payments, reconcile bank accounts, and create detailed profit and loss reports — all within a single, user-friendly …

Actual costs may differ from standard costs for materials because the price paid for the materials and/or the quantity of materials used varied from the standard amounts management had set. These two factors are accounted for by isolating two variances for materials—a price variance and …

Content Prepaid rent as a permanent account Assurance of Rent Payments Why Prepayment of Rent Could Be Good Your landlord might even offer a discount if you prepay several months in advance. It’s easier, simpler, and faster than collecting the rental every single month. Rental …

Since we are using LIFO, we must take the last https://x.com/BooksTimeInc units in, which would be the units from January 12th. Then we would take the remaining 15 units needed from beginning inventory. To visualize how LIFO works, think of one of those huge salt …

Content NEW! Hand off your business taxes What is the cheapest tax software that offers audit support? Is it safe to store tax documents online? TaxAct Self-Employed H&R Block specifically targets the growing number of taxpayers who have a Health Savings Account . These “triple …

This software automates tasks such as invoicing, expense tracking, and financial reporting—freeing up valuable time for other priorities. It reduces the risk of human error in calculations and data entry and keeps financial data organized and accessible in one place. It also generates reports and …