Category: Bookkeeping

After making the journal entry, update your general ledger to reflect the transaction. Contra accounts are listed in the same section as the related account but recorded separately. A contra-equity account reduces the total value of your company’s equity. Instead of adjusting the main equity account, you record reductions separately. When you issue bonds at…

Due to the above 3 things, she has already accumulated above Rs. 5 lakhs in her OD account, which is a very good thing. However, she will not be able to withdraw this amount till she gets all the disbursements and the transaction rights. Yes but do note, there should be a surplus balance i.e.…

Verify that the organization receiving your donation is a qualified charity. Qualified charities are typically classified as 501(c)(3) organizations, meaning donations to them are eligible for tax deductions. You can use the IRS’s Tax Exempt Organization Search to confirm an organization’s status. It’s time to clear the air and learn how this is supposed to…

For example, if a Liability account has a debit balance, then it is necessary to check if no errors were made in the bookkeeping records. The cash flow statement reconciles changes in cash by transforming accrual-based income statement figures into cash-based moves. A careful look at each transaction helps decide what to record in the ledger.…

Students need to remember that interest paid on loans or borrowings is not a financing activity under generally accepted accounting principles (GAAPs). However, under international financial reporting standards (IFRSs), a company can choose to report the amount of interest paid as either operating or financing activity. Read on to learn the lowdown on what cash…

We handle your books using QuickBooks, so you can focus on running your business. Our team of Certified QuickBooks ProAdvisors delivers accurate, IRS-compliant, and fully reconciled bookkeeping-done for you. As a trusted CPA firm in Utah, we know that the key to our success is staying current with the latest tax laws. We frequently write…

Approximately 10–15 hours per cash flow month, with Online Bookkeeping flexible scheduling. Remote position with occasional bookkeeping services atlanta in-person meetings if necessary.

Courtney Barbee, COO at The Bookkeeper, recommends keeping overall marketing costs to a minimum. You should allocate between 17% to 25% of your budget to inventory, depending on your industry. You’ll want to attract customers and generate as much revenue as you can in your company’s early stages. Of course, these costs range according to…

A bookkeeper keeps a history of every financial transaction in the accounting books. Thus, a bookkeeper and CPA complement each other to ensure that a company maintains a sound financial position in the long run. Bookkeeping and accounting are both vital and complementary tasks in a business. Accounting requires more training and more rigorous credentials…

The petty cash book is used to record small, routine expenses, such as postage or stationery, under the imprest system. Trade receivables relate to individual or organization to which the business sold goods on credit. The concept is the basis of financial recording and reporting in any business, but it comes with its own advantages and…