Category: Bookkeeping

A voided check is a check with the word “void” written across the front, which indicates that it shouldn’t be accepted for payment. The check can still be used to get the information needed for electronic payments. By simply providing your account details you should be able to set up a direct deposit quite easily…

Regular training sessions for project teams can also help maintain high standards of data integrity. Management of these project components will help reduce costs and control potential variance between expected and actual costs. Planning carefully and establishing policies and procedures for management will help in this area. Sales variance differs from all of the other…

Well, this should be listed between the cash and accounts receivable in the chart, but there isn’t a number in between them. Advertising Expense is the income statement account which reports the dollar amount of ads run during the period shown in the income statement. Advertising Expense will be reported under selling expenses on the…

The cost is still $50, and the cost to prepare it for sale is $20, so the http://www.lngjewelry.com/ is $45 ($115 market value – $50 cost – $20 completion cost). Since the net realizable value of $45 is lower than the cost of $50, ABC should record a loss of $5 on the inventory item,…

If COGS is not listed on a company’s income statement, no deduction can be applied for those costs. Because COGS is a cost of doing business, it is recorded as a business expense on income statements. Knowing the cost of goods sold helps analysts, investors, and managers estimate a company’s bottom line. While this movement…

We help firms bookkeeping for medium sized business safely and securely migrate their existing data with a turn-key service, when requested, to ensure all data is transferred to CosmoLex successfully and without data loss. Because the rules governing client funds and trust accounts are specific and complex, many legal professionals find it easier to use…

By dedicating time to review and verify the adjustments, you can be confident that your payroll liabilities are accurately reflected in QuickBooks Online. This step ensures the integrity of your financial records and reduces the risk of errors or discrepancies. Nearly 30% of small business owner’s overpay their taxes every year to the state and…

This method results in analyzing how much profit is earned from each sale that can be attributable to fixed costs. Once a company has paid for all fixed costs, any throughput is kept by the entity as equity. Let us move on to observing the factors that affect the capital budgeting process. After the project…

The platform also generates W-2 and 1099 forms, so they’re always at your fingertips. In addition, it offers comprehensive support from a team of knowledgeable experts who are dedicated to resolving all customer inquiries quickly and completely. When I contacted customer support, I found this popular user opinion to be accurate. However, glitches in reporting…

Managing your VAT records and submitting a VAT return is easy with the Countingup app. Maintaining precise financial records serves as a crucial shield in safeguarding your interests during potential disputes or legal entanglements. These records serve as a concrete trail of your financial history, providing a solid foundation for negotiations, litigation, or even just…