Category: Bookkeeping

As a consequence, for financial statement purposes the computer will be depreciated over three years. The general ledger account Accumulated Depreciation will have a credit balance that grows larger when the current period’s depreciation is recorded. As the credit balance increases, the book (or carrying) value of these assets decreases. Machinery and equipment If you…

Learn how to know which plan is right for you and what additional costs to expect before subscribing to QuickBooks Online. We spend hours researching and evaluating each accounting software system we what is pro rata definition examples and how to calculate review at Merchant Maverick, placing special emphasis on key characteristics to generate our…

Apply for an ITIN in-person using the services of an IRS-authorized Certifying Acceptance Agent. This will prevent you from having to mail your proof of identity and foreign status documents. Many applicants have reported that IRS lost their passports or other valuable and hard-to-replace identification documents. Consider getting certified copies or using one of the…

Apply for an ITIN in-person using the services of an IRS-authorized Certifying Acceptance Agent. This will prevent you from having to mail your proof of identity and foreign status documents. Many applicants have reported that IRS lost their passports or other valuable and hard-to-replace identification documents. Consider getting certified copies or using one of the…

The software should be easy to use, especially if you’re new to accounting. While feature-rich options may be appealing, consider if you really need all the extras or if a simpler solution would be more effective. Make sure the software is easy to navigate and doesn’t have a steep learning curve. That’s where Link My…

The journal entry accounts for the sales and expenses of the consignment inventory. The journal entry to the commission income account is a credit that indicates the income earned by the consignee on the consignment sales. The amount is owed by the consignor and posted as a debit to the personal account of the consignor.…

Loss of control – It goes without saying that anytime something is happening outside your building, you’ll have less control, and outsourced AP vendors are no exception. Additionally, it’s unlikely that they’ll be able to conform to your AP workflows exactly, so you’ll be doing things their way. Also, don’t be disconcerted when outsourcing AP…

They may monitor D/E ratios more frequently, even monthly, to identify potential trends or issues. A D/E ratio close to zero can also be a negative sign as it indicates that the business isn’t taking advantage of the potential growth it can gain from borrowing. However, that’s not foolproof when helping your child start a…

According to the Bureau of Labor Statistics, the median earnings for accountants and auditors are $69,350 as of May 2017, with half making less money and half making more. Accounting wages fall below $43,020 for the bottom 10 percent of workers and rise above $122,220 for the top 10 percent. Accounting services firms pay $83,000…

It should be simple enough even for a person who is not aware about the rules and terms used in accounting. Some explanatory notes should be given so as to make the information more understandable. To find out the results of a business, the information relating to the cost of the products and revenues from…