Category Archives: Bookkeeping

Not on EC Sales list.Sale of Goods to EU business – Zero Rated EC Goods Income. Include on EC Sales list.Sale of Services to EU business – Zero Rated EC Services. Include on EC Sales list.Sale of Goods outside the EU – No VAT. Not on EC Sales List.Sale of Services to Non EU business […]

As a result, corporations rarely distribute all of their net income to stockholders. Some investors may have large ownership interests in a given corporation, while other investors own a very small part. To keep track of each investor’s ownership interest, corporations use a unit of measurement referred to as a share (or share of stock). […]

This discrepancy can impact key financial ratios, such as the current ratio and inventory turnover ratio, potentially influencing stakeholders’ perceptions of the company’s liquidity and operational efficiency. LIFO, or Last In, First Out, is a common accounting method businesses can use to assign value to their inventory. It assumes that the newest goods are sold […]

In this example, any form of payroll and sales taxes will be disregarded to simplify recording of transactions. Below are the journal entries for each transaction during March 2023 and how they are recorded in the general journal. Recording transactions can be time consuming that’s why using technologies such as accounting software and POS machines […]

After completing the transaction, continue to monitor its impact on your business. Ensure all parties fulfill their obligations and address any issues that arise promptly. Inter-Company Transactions occur within different parts of the same company. External transaction A business transaction differs from a regular transaction in several key ways, reflecting the context, purpose, and implications […]

Retainage is the predetermined amount of money an owner may hold back from payment until they’re satisfied with contract completion. It tracks these not only to each job but also within each group of job activities and each type of cost. For example, a contractor might “code” an invoice to Job 140 (Lake Ave. Remodel), […]

The units of production method or units of activity method could be useful for depreciating airplanes and vehicles , printing machines , DVDs , etc. Estimate the total number of hours of usage of the asset, or the total number of units to be produced by it over its useful life. The activity-based depreciation method […]

In practice, adjusting can happen semiannually, quarterly, or even monthly—depending on the size and complexity of the organization’s receivables. As a general rule, the longer a bill goes uncollected past its due date, the less likely it is to be paid. To learn more about how we can help your business grow, contact one of […]

Perhaps there’s an odd transaction or a little hidden mistake somewhere. Whatever the reason might be, you’ve decided it’s time to undo the reconciliation process. If you’ve identified any errors on the statement, contact your financial institution at once so they can investigate. Undoing a reconciliation in QuickBooks Online will not erase individual transaction categorizations, […]

Product backlog items that are not slated for work may be fairly broad and have little detail. The Product Owner, in collaboration with the development team, consistently reviews and modifies the backlog to ensure that the most valuable items are consistently prioritized. This continual refinement aids the team in maintaining focus on delivering high-quality products […]