When a business sells merchandise, only one journal entry is made to recognize the sale. When dealing with a periodic inventory, you’ll likely find yourself journalizing transactions, especially at the end of the year. This simplicity in use also makes the system more cost-effective, as it can be managed manually, and businesses won’t need to …
Last-in, first-out LIFO method in a periodic inventory system Read More »
A credit memo is a document the accounting department sends to a customer or vendor to inform them that the amount due on an invoice or other account balance has changed. Some believe that credit memos and invoice credits are the same; however, this is not the case. A credit memo is a piece of …
Understanding Credit Memos and How They Relate to Accounting Read More »
When a company accrues wages at the end of a period, it records a debit entry to the wages expense account and a credit entry to the wages payable account. This means that the company has incurred an expense but has not yet paid the wages owed to its employees. One of the key financial …
Reversing Entries: A Tutorial of All You Need to Know Read More »
Parents need to know when these events occur to participate effectively. Staying informed about these changes is vital for effective communication. It’s crucial to use these terms correctly to ensure clarity in communication. The prefix “semi” implies half, so when combined with “annual,” it denotes a half-yearly occurrence. Clear usage of these terms prevents such …
Biannual vs Biennial vs. Semiannual Confusing Words and Homonyms in English Read More »
New York became the 11th state to ratify the United States Constitution, on July 26, 1788. Now, let’s say Ternt, Inc. also received $500,000 in revenue this quarter from its partnership with the music streaming service. Because it is a revenue stream, partnership income is not included in new sales, so we don’t add it …
QuickBooks Simple Start is ideal for solo entrepreneurs, gig workers, freelancers, and businesses that only sell services. QuickBooks Online Essentials does everything that Simple Start will do and adds the ability to manage bills and track time. QuickBooks Online Plus gives you the functionality of Simple Start and Essentials with the added ability to track …
QuickBooks Pricing 2024: How Much Does QuickBooks Cost? Read More »
A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued either by the Social Security Administration (SSA) or by the IRS. A Social Security number (SSN) is issued by the SSA whereas all zoho books: review of accounting software other …
How do I get an Individual Taxpayer Identification Number ITIN? Read More »
Once you’ve decided to outsource, the next step is to find an outsourcing business that fits your aims and objectives but, most importantly, can meet your demands and criteria. On the other hand, small firms and startups often make preliminary steps to secure this data, leaving them vulnerable to cyber-attacks and data theft. Companies that …
Fixed-rate electricity is the more popular choice among power consumers owing to its many benefits. However, it will still be in your best interest to know more about other 4 tips on how to categorize expenses for small business available plans and ascertain if a fixed-rate energy plan is indeed the best option. Fixed rate …
As a small business ourselves, we know the challenges and rewards of small business ownership. Helping small businesses succeed is the satisfaction we get from our work. There are NO additional tax compliance requirements for foreign businesses, but there may be additional tax filings that are unique to foreign entities. An example is the branch …
