Category: Bookkeeping

In other words, the accounting equation will always be “in balance”. These may include loans, accounts payable, mortgages, deferred revenues, bond issues, warranties, and accrued expenses. Although the balance sheet always balances out, the accounting...

Content Advantages of making a gift The Estate Tax and Lifetime Gifting No one offers more ways to get tax help than H&R Block. Lifetime gift tax exclusion How We Make Money As a...

Content Table of Contents How to Calculate the Trade Discount? What is Trade discount? How Does Trade Discount Work? Definition of Cash Discount A trade discount is a routine reduction from the regular, established...

Content Why You Can Trust Forbes Advisor Small Business Improved Financial Reporting and Insights Who can use a Bookkeeper? What Do Online Bookkeepers do? Best Online Bookkeeping Services ( How Remote Bookkeeping Works Not...

Content The ultimate guide to obsolete inventory Sell It At a Discount Definition of Obsolete Inventory Consequences of Obsolete Inventory If it then sells, you debit ​$10​ to Inventory Reserve and credit ​$10​ to...

To access the support center, you can visit the official QuickBooks website and navigate to the “Support” or “Help” section. There, you’ll find a search bar where you can enter keywords related to your...

The main difference between fixed and variable overhead isthat variable overhead depends on the volume of production while fixed overheadis always the same. For example, when a new work shift is added, variableoverhead increases...

Specifically, while warehouses and storerooms hold your items physically, you should also have a digital system that files your inventory. Obsolete inventory, also called dead or excess inventory, refers to inventory a company still...

For instance, winter wear sees a surge in sales during colder months. Conversely, a low turnover might signify overstocking, while a high turnover might point to lost sales and understocking. This formula gives a...

Ordinarily, you will file only one Form 1099-OID for the depositor or holder of a particular obligation for the calendar year. If a person holds more than one discount obligation, issue a separate Form...