Category: Bookkeeping

It is a standard 8-step process that begins when a transaction occurs and ends with its inclusion in the financial statements and the closing of the books. The first step to preparing an unadjusted trial balance is to sum up the total credits and debits in each of your company’s accounts. At the …

Content Where Does the Transposition Error Occur? Identifying Transposition Errors Proof of why a transposition error is always divisible by 9 Recent Posts Transposition error definition Transcription Vs Transposition Errors Keep in mind that transposition errors aren’t just limited to accounting books. Businesses can also make these types of errors when writing down a …

Liquidity ratios also facilitate comparison across companies and industries. By benchmarking liquidity ratios against industry averages or competitors’ metrics, stakeholders can identify strengths, weaknesses, and potential areas for improvement. For instance, you can compare Microsoft’s current ratio against Google’s current ratio to gauge how each company may be structured differently. This can be …

Content Services Account Balance Different Types of Receivables Allowance for Doubtful Accounts and Bad Debt Expenses Customer Service Account balance refers to the balance in a person’s financial repository, such as a savings or checking account, at a specific period. Below is a basic example of a debit and credit journal entry within …

Content What Is Self-Employment Tax? What Are Self-Employment Taxes? My spouse and I both have transit district self-employment earnings. Can we file a joint transit self-employment return? Of medical insurance costs you pay for yourself, your spouse, and your dependents may be deductible as an adjustment to income on Form 1040, US Individual …

The figure for the cost of goods sold only includes the costs for the items sold during the period and not the finished goods that are not still sold or billed by customers. Costs of goods sold vary as the number of finished products increase or decreases. Under the periodic inventory system, we …

Another way sellers apply the allowance method of recording bad debts expense is by using the percentage of credit sales approach. This approach automatically expenses a percentage of its credit sales based on past history. Insolvency may cause some debtors to fail to pay their dues on time. Accounting and journal entry for …

Of course, a background in accounting practices will help you ride out a learning curve as a new bookkeeper. How much you make as a first-year accountant depends mainly on the specific career path you pursue. While accounting can be a lucrative long-term career, most accountants, unlike corporate attorneys or investment bankers, do …

Content Manage Sponsor Information Track and Process Payment Automate Child Care Billing Childcare Facilities Site Details and Settings for Sponsored Centers I’m interested in enrolling my child at a KinderCare center. Every month your bank will send you a statement that includes your business revenue and expenses. Support the Y’s operations through office …

The payroll module uses Davis Bacon wage rates and includes union fringe and state tax rates. CoConstruct is your partner in managing unlimited construction projects with its four-part software platform. The platform starts with preconstruction details that include a cost catalog, lead management and a section for proposals and contracts. When you’re done …