Category: Bookkeeping

The accounts normally have a credit balance and in use are offset against the purchases account which is normally a debit balance. The net balance of the accounts shows the net value of the purchases made by the business for the accounting period. Contra revenue is a general ledger account with a debit balance that …

With QuickBooks, it’s hard to work using multiple accounts, such as property management, business management, and deposits. Both properties and tenants have to be inputed as customers, which requires a workaround to get everything to show up correctly. Revenue refers to the income generated by your business for a certain period. We’ll also give you …

When calculating balances in ledger accounts, one must take into consideration which side of the account increases and which side decreases. To find the account balance, you must find the difference between the sum of all figures on the side that increases and the sum of all figures on the side that decreases. Another key …

Embracing a team sport philosophy unlocks strength in numbers through universal alignment across the hybrid attack surface, paving clear pathways to a stronger security posture that enables organizations to work protected. The firm also provides anti virus protection services including malware, spyware, intrusions, unwanted applications, spam and policy abuse. Once the risk profile is established, …

If you want a higher level of support in the future, such as chief financial officer or CFO-style services, consider choosing a bookkeeping service that will allow you to upgrade later. No tax prep or accrual basis accounting, even as an add-on service. Each customer’s main point of contact is a dedicated in-house, professionally-trained bookkeeper, …

Controls are also created to assure that the balances of the receivables are correctly stated and that debtors are correctly billed. Accountants disclose receivables when the reporting company has the right to receive cash, some other asset, or services from another party. Managing cash flow is crucial for any business, regardless of size or industry. …

At the close of business today, you are ready to review your day’s business and make the appropriate entries in your accounting records. In accounting, journals are used to record similar activities and to keep transactions organized. Because you have already received the cash at the point of sale, you can record it in your …

A bookkeeper or accountant will usually record these transactions in the cash disbursements journal on a monthly basis before posting them to the general ledger, accounts payable ledger, or other books. In some businesses, the cash disbursement journal is combined with the cash receipts journal and referred to as simply the cash book. As a general …

He has produced many prize winners in Chartered Accountancy and his logical approach will make really easy for students to understand the subject. Nikini is a Lawyer by profession & having number of years experience as a lecturer & as a practicing lawyer. She has produced number of prize winners in Business Law subject and …

Working with a professional may end up being the more affordable option when you consider how much you might save by maximizing your tax deductions and avoiding costly mistakes. This is essential information because then you know whether you need to implement changes to increase your profits. For example, you may need to increase your …