Bookkeeping

These concepts do not apply to construction projects, for which there is a separate construction-in-progress account that accumulates costs. Once a construction project has been completed, the balance in this account is shifted into a fixed assets building account and …

You can even manage your entire bank reconciliation and bookkeeping from your phone, by simply downloading the Deskera mobile app. With the Deskera Books platform, you’re able to make comparisons between the company’s sales and purchases and your bank record …

At the end of the statement is the comprehensive income total, which is the sum of net income and other comprehensive income. Yes, AOCI is included under shareholders’ equity on the balance sheet. It might not directly impact today’s profit …

Also known as profit and loss (P&L) statements, income statements summarize all income and expenses over a given period, including the cumulative impact of revenue, gain, expense, and loss transactions. Income statements are often shared as quarterly and annual reports, …

Because the expenses that factor into gross profit are inevitable expenses, investors consider gross profit a measure of a company’s overall ability to generate profit. When the value of COGS increases, the gross profit value decreases, so you have less …

Further assume that there were no investing or financing transactions, and no depreciation expense for 2018. The statement of cash flows is one of the most important financial reports to understand because it provides detailed insights into how a company …

If you have employees, you likely need to fill out and file Form 941 each quarter. Form 941 is jam-packed with different sections and calculations, which leaves room for errors. To avoid major mistakes, learn how to fill out Form …

Like Bookkeeper.com, Bookkeeper360 also works with both cash- and accrual-based businesses. There are three https://www.bookstime.com/ packages on offer, including a pay-as-you-go solution. The distinctions between accounting and bookkeeping are subtle yet essential. The two careers are similar, and accountants and …

Hourly or fixed-paid (ex. salaried) employees are simply paid based on the fixed entitlement of PTO/vacation days in hours or days. Then you need to increase the amount of his entire vacation accrual by the incremental amount of the pay …

A company’s overall earnings are referred to as revenue, and the account must be closed out after the financial year. The accountant prepares a debit entry for the total balance of the revenue account to close it. The balance in …