Bookkeeping

Accounts payable is a type of liability account, showing money which has not yet been paid to creditors. An invoice which has not been paid will increase accounts payable as a debit. When a company pays a creditor from accounts payable, it is a credit. That's why simply using "increase" and "decrease" to signify changes […]

A drawing in accounting terms includes any money that is taken from the business account for personal use. This can be the equivalent of a salary, or it can be as simple as lunch paid for with your company credit card. Now that we understand the purpose of drawings in accounting, let’s explore the types

While their templates for customers, vendors, products, and invoices are perhaps less detailed and customisable than some competitors, they still look professional. All support agents are UK-based and can easily be reached by email or by booking a 20-minute support phone call. This may sound a bit laborious, but the turnaround time is fast and at least

In the Other liability and Asset account section, there isn't a way to choose the expense. The reason why you're insurance liabilities are negative is because you're continuously paying for it even though you're not running any paychecks. It is acceptable to put money received into an expense account when it makes sense to do

Tax-exempt hospitals are also required to itemize uncompensated community care benefits such as charity care. Accounting in health care follows generally accepted accounting principles (GAAP). Accordingly, many basic and advanced concepts of general accounting apply these principles, including but not limited to the following. As they did, a special insurance accounting standards, known as statutory

First, find your customer with an open invoice in QuickBooks. Under the Action tab, click "Receive Payment." Notice that when you go to receive the payment, QuickBooks will automatically deposit this to undeposited funds, shown below. If you receive two payments, a check for $50 and another for $100, and deposit those checks, your bank

You’ll have a dedicated team solely for managing your financial statements. This gives you more time to focus on your vision and purpose, enabling you to fulfill your core duties better. What exactly are the kind of organizations that benefit from outsourced accounting? Companies outsource to achieve cost savings and focus on core business functions.

Stock is generally authorized on the Certificate of Incorporation (whereas stock is issued in the bylaws or sold on a public exchange). Whether your business is physically in Delaware or not, you don't pay any state taxes. In contrast, Company B, with fewer authorized shares but a greater number of them issued and a higher

When you provide accounting consulting services, you do more than make sure the numbers add up. As a CPA consultant, you analyze the numbers and trends and provide thoughtful, detailed insight to improve your client's business going forward. If you succeed in forging a path to your client's growth, you also create a solid footing to continue working with them long-term as a business

For instance, when you send a customer an invoice, it will record a journal entry to debit Accounts Receivable and credit Sales. The income summary is used to transfer the balances of temporary accounts to retained earnings, which is a permanent account on the balance sheet. Temporary accounts are accounts in the general ledger that