Bank Reconciliation: Purpose, Example, Process

Miscellaneous debit and credit entries in the bank statements must be recorded on the balance sheet. If there are any differences, adjust the balance sheet to reflect all transactions. Once the adjusted balance of the cash book is worked out, then the bank reconciliation statement can be prepared. In this way, the number of items […]

Why We Should Account for Inflation

The public understanding of the business, as well as the various effects of inflation, increases. As inflation rates vary from year to year, an element of uncertainty characterizes the activities of the business. This trend has been driven by various factors, including supply chain disruptions, weather-related events, and increased demand. Furthermore, in order to understand […]

Bookminders: Work from Home Accounting Job with Flexible Hours

The individual is occasionally required to climb or balance and stoop, kneel, or crouch. The individual must regularly lift and/or move up to 25 pounds and reach from 6 to 48 inches, and occasionally lift and/or move up to 40 pounds and reach from 6 to 72 inches. Specific vision abilities required by this job […]

What is GAAP Generally Accepted Accounting Principles? Definition from WhatIs com

The modules that comprise this Certificate program are available for CPAs, CAs, and other accounting professionals who do not have one of these credentials or their equivalent. GAAP is derived from the pronouncements of a series of government-sponsored accounting entities, of which the Financial Accounting Standards Board (FASB) is the latest. GAAP is codified into […]

Its Time to End the Battle Between Waterfall and Agile

The best accounting software platforms make it easier to pay vendors, receive customer payments, track expenses and much more. FreshBooks and Xero are excellent accounting software options whose features and focuses may make one or the other better for specific businesses. The remaining portion of the advance payment is included as gross income for the […]

Cost of capital definition

So, if a firm selects a project that has more than normal risk, then it is obvious that the providers of capital would require or demand a higher rate of return than the normal rate. For bondholders and other lenders, this higher return is easy to see; the rate of interest charged on debt is […]

Topic No 453, Bad Debt Deduction Internal Revenue Service

The understanding is that the couple will make payments each month toward the principal borrowed, plus interest. Different from direct write off, the allowance method requires the management to record the bad debt expense by the time sale is made. The answer is we use an accounting estimate to get the estimated amount for recording. […]

We’re The #1 Accountants For Therapists

We’ll search 500 tax deductions & credits to provide comprehensive coverage. When you sign up for Xero, it will ask you what industry you are in (as well as some other specific questions related to your business). From there, they will automatically create a chart of accounts (used to separate transactions like income and expenses […]