Category: Bookkeeping

Yes, any business can be audited, regardless of its chosen accounting method. Auditors focus on verifying the accuracy and completeness of your financial records. For cash basis accounting, they will examine bank statements, receipts, and other documentation to ensure that revenue is recorded when cash is received and expenses are recorded when cash is paid. […]

When an invoice is issued, it sets the clock ticking for payment terms, which in turn affects when cash is expected to flow into the business. If the invoice date is not aligned with the posting date, it can create a mismatch in cash flow https://patologianatomifkunsri.com/understanding-the-differences-between-bookkeeping/ projections, leading to potential liquidity issues. Posting dates also […]

As a QBOA user, quickbooks accountant account you can access industry-recognized certification within the platform. QuickBooks new Badged for Success program allows you to acquire digital badges to showcase your proficiency in QuickBooks and helps you stand out to new clients. Accounting is a constantly evolving industry, and staying ahead of the curve is essential. […]

Its specializations include payroll, real estate trust planning and preparation, entity selection and restructuring, cash flow and budgeting analysis, and financial projections and forecasts. It also offers assistance during company audits, reviews, and compilations, as well as bookkeeping and IRS representation. Exceptional personal accounting services Tax & Accounting Services, LLC, is a Brooklyn-based accounting firm […]

Accounting Explained With Brief History and Modern Job Requirements You don’t want to be in a situation where you have to pay more income tax than is normally required by the Internal Revenue Service (IRS). It’s also worth noting that while all CPAs are accountants, not all accountants are CPAs. Tax professionals include CPAs, attorneys, […]

Okay, now that you know when to use Present Value of Annuity formula, let’s go ahead and apply it in an example. Okay, we’re going to assume you’re more or less alright now, so let’s think about when to use Present Value of Annuity formula. Okay, now that you have an idea of the intuition […]

Shrinkage is the difference between the recorded (book) inventory and the actual (physical) inventory. Book inventory uses the dollar value to track the exact amount of inventory that should be on hand for a retailer. When a retailer receives a product to sell, it records the dollar value of the inventory on its balance sheet as […]

FASB amends ‘Repo 105’ loophole Regulators also focused on enhancing the oversight of financial institutions. The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in response to the broader financial crisis, included provisions aimed at increasing the accountability of financial institutions. This legislation established the Financial Stability Oversight Council (FSOC) and the Office of […]

A records retention schedule should also give us permission to dispose of some records. For example, most detailed financial records can be tossed, but summary documents, statements, and audits should be kept. There is no standard way for how organizations should keep records on file. The Pastor’s Complete How-To Guide: Church Records Management By documenting this […]

Understanding Fixed Asset Accounting: A Complete Overview Fixed asset costs encompass the initial purchase price of the asset, along with any additional expenditures necessary to bring the asset to a condition suitable for its intended use. These costs can include import duties, transportation, installation, and any legal charges directly attributable to the acquisition of the […]