Bookkeepers play the role of the data collectors, meticulously noting down every financial piece of information. Accounting procedures are a little different in the way they handle financial data. Ultimately, accounting gives stakeholders a better understanding and broader perspective of the raw data meticulously recorded by bookkeeping, transforming numbers into actionable business strategies. Bookkeepers play […]
Archivos de Categoría: Bookkeeping
Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career. The working capital formula is Current Assets – Current Liabilities. Double-entry bookkeeping […]
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If a company were to take a bank loan of $10,000 in cash it would add cash to the cash account. So, it would be an addition of $10,000 to the cash item on the asset side of the balance sheet. This is a simplistic illustration of how a balance sheet gets balanced. To fully […]
If you know of one of these broad issues, report it to them at IRS.gov/SAMS. Go to IRS.gov/Notices to find additional information about responding to an IRS notice or letter. The IRS uses the latest encryption technology to ensure that the electronic payments you make online, by phone, or from a mobile device using the […]
Typically, the mandated amount of par value is quite small, such as a penny per share, so the difference between the two concepts is essentially immaterial. Let’s assume that a share of common stock has a par value of $0.01 and is sold to an investor for $25. The corporation issuing the stock will debit […]
For examples of scrap value that is meant to be the disposal, residual, or salvage value of a plant asset, see our major topic Depreciation. The owner of a truck is told that the truck needs a new engine, which will cost $2,500. The owner can instead elect to sell the truck to a junkyard, […]
For example, if your rent is $1,000 per month and the tenant moves in on the fifteenth day of a month with 31 days, they would only owe $548.42 for that month. In this blog post, we’ll explain how to ensure you’re correctly accounting for the first and last month’s rent. We’ll also provide tips […]
You should consult your accountant when deciding on an accounting method. Accrual accounting also allows corporations to do more accurate long-range planning. It shows money slated to come in, which is helpful for organizations that issue credit up front and then bill customers. Additionally, it tracks upcoming costs, so companies can predict where and when […]
You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered virtual accountant agent to accept legal documents on behalf of your business. The state will send you a certificate that you can […]