Category: Bookkeeping

So to find the accumulated depreciation AD, we need to sum the total depreciation expense from each year. Also, depreciation expense is merely a book entry and represents a “non-cash” expense. Therefore, depreciation is...

Content Review the inventory How To Prevent Common Accounting Errors During Year-End Close Prepare Financial Statements Check Your Fixed Assets and Petty Cash Fund Intercompany accounts steps to complete the month-end close process After...

Overall, QuickBooks is a good all-rounder, with intuitive and easy-to-use software. It also offers one of the cheaper plans for sole traders and multi-currency transactions. However, choosing the right accounting software package can be...

Variance analysis can help a business narrow in on areas of operations that aren’t performing as they should be. Once a business identifies an marginal cost formula and calculation, they can further examine department...

With deep expertise in nonprofits, Tejas Rane began his journey at Donorbox, gaining respect for charities’ global impacts. His writings, a fusion of extensive knowledge and marketing acumen, spotlight and celebrate the essential work...

Content How to Handle an IRS Audit of Your Tax Return How to survive audit if you have cheated on your return being audited Related IRS notices Top Ten Tips for Surviving an Audit...

This type of account could be called the allowance for doubtful accounts or a bad debt reserve. https://x.com/BooksTimeInc The balance in the allowance for doubtful accounts represents the dollar amount of the current accounts...

Content Legal and professional fees Business Expenses, Purchases and Operating Costs Personal itemized deductions What Does Tax Deductible Mean and How Do Deductions Work? Legal and Accounting Fees Homeowner Deductions For example, if you’re...

Content Streamlining the approval process Selecting a Vendor to outsource Invoice Data Entry Organisational capability and support for Invoices data entry solutions Invoice and Statement Printing and Mailing Services Benefits Of Contract Out Your...

Content Is a tax-exempt employer eligible for the tax credit? (Updated January 28, More answers: The Small Business Health Care Tax Credit What are tax exclusions? End the Exemption for Employer-Provided Health Care Tax Expenditures...