Category Archives: Bookkeeping

If the credit balance exceeds the debit balance, it indicates a profit. On the other hand, if the debit balance is greater than the credit balance, it indicates a loss. As noted earlier, expenses are almost always debited, so we debit Wages Expense, increasing its account balance. Since your company did not yet pay itsContinue reading “Does the income summary account have a normal balance?”

Once enrolled in the debt relief program, clients are paired with dedicated account managers who work as advocates throughout the debt settlement process. These account managers negotiate with creditors on behalf of the clients, aiming to secure settlements for amounts less than the original debt owed. As debts are settled, clients make affordable monthly paymentsContinue reading “How to Write Off Bad Debt Effects, and How to Reduce Bad Debt”

Most offshore accounting service providers have a team of seasoned professionals with experience in areas such as financial planning, tax preparation, bookkeeping, auditing and more. This allows CPAs to outsource https://www.quick-bookkeeping.net/ complex tasks to specialists who have the knowledge and expertise to handle them correctly. They providers offer a client-centric approach that allows CPAs toContinue reading “Diamond Offshore Reports Fourth Quarter 2023 Results”

Cash payments to settle accounts payable, wages payable, and income taxes payable are not financing activities. A company’s cash flow from financing activities refers to the cash inflows and outflows resulting from the issuance of debt, the issuance of equity, dividend payments, and the repurchase of existing stock. A firm’s cash flow from financing activitiesContinue reading “What Are Financing Activities?”

He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem. Common Stockholders are last in line in terms of access to the firm’s net assets in the event of insolvency or bankruptcy.Continue reading “Is Common Stock an Equity?”

All major tax filing services will provide you with instructions for both of these payment options. If you aren’t getting a tax refund and instead owe money come tax day, there may be a way to lessen the sting. If you have many employees or don’t have the staff to handle payroll processing, consider aContinue reading “How to Calculate Sales Tax”

Just like most accounting software, you can connect your bank and credit card account to QuickBooks Online. If you’re uncomfortable connecting your bank account, you can upload your transactions in a QuickBooks Online format. Our case study reveals that QuickBooks Online’s biggest strengths are general features, A/P and A/R management, reporting, integrations, and ease ofContinue reading “Attention Required! Cloudflare”

For a limited time, you can save up to 20% on TurboTax 2023, making the easy-to-use service more affordable. The IRS has a list of the tax scenarios that Free File providers can handle. It includes capital gains and losses, self-employment taxes, and child and dependent care expenses — all of which aren’t included in the freeContinue reading “TurboTax for Tax Year 2023 is Now Available 2023 TurboTax® Canada Tips”

This comprehensive approach ensures a smooth and efficient management of accounts receivable throughout the entire customer lifecycle. Additionally, monitoring and managing AR turnover, which measures how efficiently a company collects payments from customers, is essential for optimizing cash flow and working capital management. These reasons are that it’s time-consuming, it’s a complex and tedious processContinue reading “Accounts receivables management best practices 7 tips”

The salesperson you would be dealing with from such an agency would be your new best friend. The problem with an office of leased employees just filling your hiring needs indefinitely is very expensive. Leased employees provided by a staffing agency are typically billed at TWICE their pay rate. If you want to pay doubleContinue reading “What is Employee Leasing? Briefly Explained With Examples in 2022”