Bookkeeping

These assets provide the necessary financial cushion for corporations to innovate, expand, and navigate through economic uncertainties. Having a robust pool of unrestricted net assets allows organizations to navigate unforeseen crises, adapt to changing market conditions, and respond proactively to emerging needs in their communities. Ultimately, these assets empower organizations to operate more efficiently, make …

Unrestricted Net Assets and Key Financial Ratios Help Nonprofits Focus on their Financial Health Läs mer »

Suppose that X limited produces a product X and uses labor hours to assign the manufacturing overhead cost. The estimated manufacturing overhead was $155,000, and the estimated labor hours involved were 1,200 hours. As you can see, calculating your predetermined overhead rate is a crucial first step in pricing your products correctly. Once the units …

Predetermined Overhead Rate Formula How to Calculate? Läs mer »

By wrapping up temporary accounts each period, you’re not just tidying up—you’re setting your business up for accurate insights and smarter decisions. Closing revenue accounts may sound routine, but it’s a powerful way to reset your books and see your business with fresh eyes. Unlike temporary accounts, they’re not reset; instead, they carry their balances …

Closing Entries Financial Accounting Läs mer »

Whether you are providing your expert services at a private residence, or a company head office – you capture exactly what your clients are looking for. Now capture all the details to get paid for your great work with this free invoice template. Sign up for a free trial of our interior design software to …

Interior Design Invoice Template Free Download Läs mer »

Common StockIf a corporation’s common stock has a par value or a stated value, only the par or stated value of the shares issued will be recorded in this account. However, if a corporation’s common stock has neither a par value nor a stated value, the entire amount received by the corporation at the time …

Journal Entries: Tutorial Läs mer »

From individual tax preparation to comprehensive bookkeeping services, we will tailor what we do to fit your needs rather than following some impersonal formula or cookie-cutter approach. Our team also offers tax planning and stands ready to protect your income even in complex situations like selling rental properties or if you’re active on the stock …

QB Pro Certified Bookkeepers in San Jose, CA Läs mer »

These opening balance equity articles and related content is not a substitute for the guidance of a lawyer (and especially for questions related to GDPR), tax, or compliance professional. When in doubt, please consult your lawyer tax, or compliance professional for counsel. Sage makes no representations or warranties of any kind, express or implied, about …

Opening balance sheet definition Läs mer »

In simple terms, retail accounting involves calculating the cost of inventory in relation to its selling price. Let’s look first at the retail method without any complicated adjustments to the initial retail price of the goods. Essentially, the retail method tracks sales, COGS, and inventory at their retail value before making an adjustment to estimate …

Retail Accounting 101: Simplifying Accounting For Retailers Läs mer »

Ed would credit his Online store fee account as this is an expense account. It would increase the expense account’s normal balance by $50. In the realm of accounting, there exists an intriguing concept known as Contra Accounts. These accounts function as a counterbalancing mechanism, possessing a normal balance that is the opposite of their …

Balance Accounting: The Importance of Keeping Good Records Läs mer »