Category: Bookkeeping

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 […]

You decide what you prefer to do yourself or let Clark & Clark take care of the rest for you. Jensen advisors will tell you how today’s decisions will affect your Remote Bookkeeping tax liabilities tomorrow. They can recommend the best ways to fund your trust and provide comprehensive advice for retirement. The Jensen Group […]

What Medical Expenses Can I Deduct? A Look at Tax Deductions This redundancy ensures you have access to your records in various formats, reducing the risk of loss or damage. Additionally, maintaining a dedicated folder for physical documents ensures that nothing gets lost and that you have immediate access to any necessary paperwork. Being proactive […]

The result of the balancing off accounts process is that either a debit or a credit balance is brought down. To calculate your beginning cash balance for a cash flow statement, add all of the sums of capital available to your business at the beginning of the period covered by the statement. Include cash in […]

You can put the transaction in a suspense account until you determine where it belongs. Despite its mysterious connotations, “suspense” in this case simply refers to the fact that a transaction or its designation in a company’s books has been suspended temporarily, pending some further action. Through this, it makes it easy for businesses to […]

Knowing the true cost of individual products and services, precisely, is crucial for product planning, pricing, and strategy. However, In some settings, traditional costing gives notoriously misleading estimates of these costs. As a resultl, many turn instead to Activity Based Costing for costing accuracy. Double Entry Keeps The Accounting Equation In Balance Since more and […]