Category Archives: Bookkeeping

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 […]

Losing your bookkeeping records due to a natural disaster, a computer virus, or hardware failure can be devastating. When using this method, you recognize revenue as a percentage of the work your company completed during a period. The first set should cover information on the progress milestone met and reflect the total amount authorized for […]

While the CPA fee schedule has the potential to cost more than one of these options, you may find that you save more on your taxes by entrusting them to a certified public accountant. As you can see from the above examples, adjusting entries the CPA rates per hour vary depending on seniority within the […]

The second sale of 180 units consisted of 20 units at $21 per unit and 160 units at $27 per unit for a total second-sale cost of $4,740. Thus, after two sales, there remained 10 units of inventory that had cost the company $21, and 65 units that had cost the company $27 each. Ending […]