Category: Bookkeeping

The purpose of the Owner’s Withdrawal account is to track the amounts taken out of the business without impacting the balance of the original equity account. ABC Computers makes sales of 90,000; unfortunately, due to a fault in a product, they received returns of 2,500. The sales will still show a sales credit on the… Continue reading Contra Account What Is It, List, Examples, Vs Adjunct Account

An accountant is a professional with a bachelor’s degree who provides financial advice, tax planning and bookkeeping services. They perform various business functions such as the preparation of financial reports, payroll and cash management. After results have been summarised and reported, a meaningful conclusion needs to be drawn. It is common factors to compare profit,… Continue reading Accounting Concepts: Meaning, Types, and Importance

Because you did not place any property in service in the last 3 months of your tax year, you used the half-year convention. You figured your deduction using the percentages in Table A-1 for 7-year property. Last year, your depreciation was $2,144 ($15,000 × 14.29% (0.1429)). Is double declining balance the same as MACRS? Once… Continue reading Double Declining Balance Depreciation Method, Guide

Use this comprehensive project proposal budget to account for the costs of every task in your proposed budget. For each task, enter a unique WBS, a description, status, planned and actual start dates, targeted end date, labor and materials costs, and budgeted amount. Then, enter the actual amount spent to complete each task, and view… Continue reading How To Create An Annual Budget Report in 2023 Free Example

Therefore, it comes with the downside of adding duplicated data to your spreadsheet. That is, unlike COUNT that only counts numerics, it also counts dates, times, strings, logical values, errors, empty string, or text. The AVERAGE accounting equation function should remind you of simple averages of data, such as the average number of shareholders in… Continue reading Accounting Formulas What is the basic Accounting Equation? List

Engineers may be called in to give an official opinion and/or recommendation when structural problems are suspected. An accountant’s assistance may be needed for tax preparation, budgeting, and reporting to regulatory agencies. Various disaster recovery professionals may be needed in situations ranging from storm damage to animal removal to restorative cleaning of a severely trashed… Continue reading HOA Accounting Standards the Board Must Set Up

Users can communicate with parishioners through the directory, too. MemberCaller provides voice messaging online, and eGiving facilitates online giving, as the name suggests. Church360 Unite is website builder software with a WYSIWYG editor (and can standalone, like Members and Ledger). It can be used to run reports, manage cash flow, and accept all types of… Continue reading Best Church Accounting Software of 2023

Meet Pento, an automated payroll solution that comes with reliable support from payroll experts. Use our cost comparison tool to find the best service for your small business. There are several steps to the payroll process, and you’ll need to become more accustomed to them if you plan on expanding your team any time soon. If… Continue reading 7 Best Accounting Software and Services in 2023

If you don’t have a car payment, you might include less for transportation in your monthly expense budget. On the other hand, an older car might need a higher budget to cover the costs of maintenance. Employees should only have to pay income taxes on the wages they earn and certain taxable fringe benefits. Instead, it… Continue reading What is the difference between expenses and payments?

Utilizing cloud-based financial management software can help manage and optimize your financial and accounting operations to better analyze your business and save your team time. More and more, businesses are turning to outsourced accounting firms that combine experienced accountants with the latest technology tools for a cost-effective solution to their accounting needs. Are you looking… Continue reading The Complete Guide to Outsourced Finance and Accounting Services