Bookkeeping

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It doesn’t need to calculate the difference between the recorded expense/accounts payable and the cash payment. And it also doesn’t need to determine whether the recorded expense/accounts payable is bigger or smaller than the cash payment to decide if they need to debit or credit the utilities expense account. Alternatively, the company can choose to

These businesses will collect GST from that sale on behalf of the ATO. If the purchase was a business purchase, you will then use the product or service to create a product or enact a service for a consumer. Only a handful of countries, such as Canada and Brazil, have a dual GST structure. In

A lorry costs $4,000 and will have a scrap value of $500 after continuous use of 10 years. This estimate will be then used to calculate the applicable percentage for the depreciation cost for each year. Depreciation refers to a decrease in the value of an asset due to usage, wear and tear, or obsolescence

They analyze your books, help you understand what’s working and what needs to change, and they offer the expertise needed to help you move into the next phase of your business. Software and technology skills also differ between accountants and bookkeepers. They are often directly accountable for the accuracy and integrity of financial statements, making

This is where Alter’s book offers help through a systematic procedure that he calls friction audit. Solutions to overcome unhelpful emotions, patterns of thought, and behaviors are often hidden in plain sight. Even though this is not a book about AI, it is one you need to read to adjust to this transformative technology. First,

Let’s begin by understanding the necessary actions and items required to reconcile bank statements in QuickBooks Online. For small discrepancies, consider creating a reconciliation discrepancy account to track them. However, for more significant issues, it may be advisable to redo the reconciliation for the affected period, which could be a complex task requiring consultation with

After the first year of employment, a worker gets holiday entitlement based upon their statutory and contractual entitlement. Their entitlement will be based upon the proportion of a week which they are contracted to work. Maternity or family related leave (defined as ‘statutory leave’) includes leave such as maternity leave, paternity leave, shared parental leave

Since the payment amounts are incorrect, you'll have to perform a correction. If you've manually recorded the tax payment, follow these steps to edit it. When cancelling payroll in QuickBooks, it is important to communicate the cancellation to your employees. Now that we understand the importance of careful consideration and guidance, let’s explore the steps

Net realizable value (NRV) is the cash amount that a company expects to receive. Hence, net realizable value is sometimes referred to as cash realizable value. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. People become