Category: Bookkeeping

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…

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…

This How to leverage construction bookkeeping to streamline financial control causes mobilization costs from frequently moving equipment and people from site to site. Every job site needs to be tracked in terms of equipment and varying labor wage rates. Change orders often arise during construction, requiring real-time adjustments to project budgets. How can construction bookkeeping…

You earn operating revenue from main business operations and activities, such as sales. You can also earn revenue from activities that aren’t directly related to your business (e.g., renting a building), called non-operating revenue. If so, read on to learn gl account examples all about the general ledger, including what it is, the types of…

Despite these differences, construction accounting still adheres to general accounting principles and requires accurate record-keeping, financial statements, and tax compliance. With accounting software, you simply enter the data and the software puts it where it needs to go. If you’re not the bookkeeping type, you may find bookkeeping tasks mundane and frustrating, but getting it…

You don’t need an accounting degree – just a few changes here and there can take your financial management light years ahead. Construction has a unique type of payment structure that includes retainage, Retainage is the amount of money that clients withhold until they are satisfied with a project. When you have multiple projects going…

State Department of Revenue websites often provide tools to determine the correct sales tax rate based on ZIP codes. Some states also offer downloadable tax rate charts or calculators to ensure businesses and individuals are charging or paying the correct amount. More online purchases are now subject to sales tax for consumers, even if the…

If it’s something you can attach at any time, you can wait to get these expensive items and avoid using your cash or interest on them until you need them. Determine whether extra reporting 529 plan withdrawals on your federal tax return personnel requires a significant reordering level and how quickly production can be ramped…

Because of this, horizontal analysis is important to investors and analysts. By conducting a horizontal analysis, you can tell what’s been driving an organization’s financial performance over the years and spot trends and growth patterns, line item by line item. Ultimately, horizontal analysis is used to identify trends over time—comparisons from Q1 to Q2, for…