Category: Bookkeeping

They offer personalized bookkeeping services, including bank reconciliation, financial reporting, and tax preparation. Therefore, it is essential to choose online bookkeeping services from doola that supports multiple currencies. To help you make an informed decision, here are some key features to look for in online bookkeeping services for global businesses. Monitor work-in-progress (WIP) reports Unlike …

Read more “Construction Accounting: Full Guide for Contractors 2024”

The income-expenditure account of the business organization is related to the corresponding accounting period. The utility of these ends in the relevant accounting period. If your business is a corporation, you will not have a drawing account, but if you paid stockholders, you will have a dividends account. If you paid dividends for the month, …

Read more “5 1 Describe and Prepare Closing Entries for a Business Principles of Accounting, Volume 1: Financial Accounting”

But how much is the financing, maintenance and disposal of that machine going to add to the $600? As you can see, life cycle costing helps a company to get a complete picture of all of a product’s related costs. These are costs directly related to the production of a product, such as material and …

Read more “What Is Cost? Explanation, How to Calculate & Examples”

This is especially true for mutual fund SIPs, as here, retail investors can access the benefits of professional management of their investments at a low cost. It instantly calculates the value of your investments over a period of time. You can check how your wealth will grow by simply entering the SIP amount, expected rate …

Read more “SIP Calculator Calculate Returns on SIP Plan Calculator Online”

Effective December 14, 2021, the Auditing and Assurance Standards Board (AASB) released a new Canadian accounting standard, CSRS 4200, which affects the way how Notice to Reader financial statements will be issued and used going forward. While the mileage rate for charitable use is set by statute, the mileage rate for business use is based …

Read more “UnitedHealth hid its Change Healthcare data breach notice for months”

A is incorrect because changes in accounting policies do not always have to be applied prospectively. In fact, unless it is impractical to do so, it is preferred that changes in accounting policies are reported through retrospective application. The impact of discontinued operations appears in the Income Statement, as seen below. Complete 10+ detailed global …

Read more “Non Recurring Gain or Loss: What it Means, How it Works”

If the scrap value is substantial, it can impact the total depreciation claimed over an asset’s life. For examples of scrap value that is meant to be the disposal, residual, or salvage value of a plant asset, see our major topic Depreciation. The scrap value of an asset can be negative if the cost of …

Read more “Salvage Value Definition, Importance, Depreciation”

Include the partner’s distributive share of tax-exempt income allocated by the transferor partnership related to proceeds received by the partnership as a result of the partnership making a transfer election to transfer its credits under section 6418. Also include the partner’s distributive share of allocations made to the transferor partnership from a pass-through entity for …

Read more “Understanding Partnership Taxation: A Guide to Form 1065, Small Business Taxation, and Partnership Tax”

That’s $750 a month that the average Collective member gets to keep in their bank account instead of handing it over to Uncle Sam. QuickBooks Payroll is the No. 1 payroll provider for small businesses Based on the overall number of customers for QuickBooks Payroll products as of June 2020. You’ll also need to record your …

Read more “S Corporation Shareholder Compensation: How Much Is Enough?”

Because if you sell products at your business, you know that not all customers are satisfied. If a customer wants to bring back an item, you need to make sales returns and allowances journal entries. A business lists the “sales returns and allowances” account below gross revenue on the income statement and reports “net sales” …

Read more “What is a Contra Revenue Account?”