Bookkeeping

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

As these firms provide a wide range of services to their clients, including consulting and advisory work, there is a perception that their independence as auditors may be compromised. Critics argue that the provision of non-audit services to audit clients could compromise objectivity and impair the quality of audits. In response to these concerns, regulatory

This ensures the credit memo reaches the right recipient and is properly documented. Other adjustments, represented by credit memos, encompass a broad range of situations where the original invoice amount requires modification due to errors or unforeseen circumstances. A voucher, similar to a coupon, represents a discount (which may reach up to 100%), for a

Your employees are responsible for paying $100 per pay period (500 x 20%), while your company is responsible for $400 (500 x 80%). This information allows us to understand the total cost to your company and each employee per payroll, which will help us understand what we're accounting for. Before we dive into the accounting

The fixed cost ratio is a simple ratio that divides fixed costs by net sales to understand the proportion of fixed costs involved in production. In the next part of our exercise, we’ll compute the total cost per unit using the figures determined in the prior step, and our variable cost per unit assumption as