Category: Bookkeeping

For example, your bank statement shows that your ending balance is $11,450, while your G/L balance according to your trial balance is $10,850. In such a case, you simply need to mention a note indicating the reasons for the discrepancy between your bank statement and cash book. All of this can be done by using…

The insurance provider charges an annual fee, called a premium, which will cover the business for 12 months. The members of the Takaful contribute to the funds and protect each other from loss or damage. We can’t recognize the future Gains in advance owing to what can i deduct and what receipts should i keep…

All categories of estimated uncollectible amounts are summed to get a total estimated uncollectible balance. That total is reported in Bad Debt Expense and Allowance for Doubtful Accounts, if there is no carryover balance from a prior period. If there is a carryover balance, that must be considered before recording Bad Debt Expense. The balance…

EAR calculations usually does not consider the impact of taxes on the returns. Taxes can significantly reduce the actual returns on investments or savings, and it’s important to factor them into any analysis. Though a given individual may truly earn at the EAR, their true return may be reduced by 20% or higher based on…

The accounts receivable balance depends on the average amount of days that return will be received. Revenues received in each period will be multiplied by the number of turnover days and divided by the days in the period it arrived at the accounts receivable balance. A high turnover ratio implies that the company is converting…

Notably, Texas has two cities (Dallas and Houston) in the top five employers of bookkeeping, accounting, and auditing clerks among metro areas. Depending on the employer, bookkeepers suspense account in quickbooks may qualify for other forms of compensation, such as performance bonuses. Industry observers agree that software improvements have made bookkeeping more efficient. They often…

Take a look at our blog post understanding income tax for advice about expenses and completing Self Assessment. Our team can give you technical advice about downloading the figures you need from your QuickBooks account, but for other advice, please consult an accountant. intuit self-employed login There are several parts to the Self Assessment tax…

This guide provides an overview of QuickBooks and how to get started. It covers the steps needed to set up QuickBooks and to start creating invoices. Tax season arrives for everyone, and your business should be prepared ahead of time. Just as importantly, it should aim to get customers to pay on time. For example,…

After the first month, the ongoing live service is available in three different pricing tiers, depending on your company’s average monthly expenses over a period of three consecutive months. A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your…

Essentially, contributed capital includes both the par value of share capital (common stock) and the value above par value (additional paid-in capital). It’s important to distinguish that capital contributions, which are an injection of cash into a company, can come in other forms besides the sale of equity shares. For example, an owner might take…