Category: Bookkeeping

A contra revenue account that reports the discounts allowed by the seller if the customer pays the amount owed within a specified time period. For example, terms of “1/10, n/30” indicates that the buyer can deduct 1% of the amount owed if the customer pays the amount owed within 10 days. As a contra revenue…

The notation of “void” is used because checks are prenumbered for control purposes and every check needs to be accounted for. You should not give anyone a blank check because they can fill it out and withdraw money from your account. Voided checks reveal crucial banking information that if not shredded or disposed off properly…

For our purposes, the best approximate solution is called the least-squares solution. We will present two methods for finding least-squares solutions, and we will give several applications to best-fit problems. Suppose when we have to determine the equation of line of best fit for the given data, then we first use the following formula. It…

As stated above, most financial institutions provide companies with loan repayment schedules with the breakup of periodic payments split into principal and interest payments. Sometimes, amortization also which journal entry records the amortization of an expense refers to the reduction in the value of a loan. Let us understand the journal entry to amortize goodwill…

Taking the above-mentioned example of the same company, ABC Enterprises, let’s calculate its P/B ratio. Learn about emerging trends and how staffing agencies can help you secure top accounting jobs of the future. Discover how to hire a healthcare data analyst from LATAM, avoid common mistakes, and leverage offshore talent for your US healthcare company.…

The professional will also send monthly reports, including specific metrics that will help the client weather his or her chances of making more profitable deals. They will even keep you up-to-date with your clients should there be delayed payments through different communication channels. The company would also provide reminders and confirmation of amounts. From the…

Each step in the accounting cycle takes up precious time that can be better spent focusing on your business. Enter Bench, America’s biggest bookkeeping service and trusted by small businesses in many different industries across the country. We take your raw transaction information directly through secure bank and credit card connections and turn them into…

Not only will you be able to see when businesses pay your invoices, but you’ll also be able to see when they view them. While checks may be a less common form of payment for B2C transactions, they’re still fairly common for B2B transactions. Despite their frequent use, paper checks are far from being the…

To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments. The information provided on this website is for general information only…

For more skill development, coaching and tools, check out StriveTogether’s upcoming courses. As you go along, don’t be afraid to make changes and adjustments to your budget to better fit the year’s actual numbers. By making continuous adjustments, you can keep your nonprofit on track to successfully complete another year. But it’s essential that you…