Category: Bookkeeping

Following the accounting equation, any debit added to a GL account has a corresponding and equal credit entry in one other account and vice versa. The greatest way to know if your general ledger is correct is to reconcile all entries then generate a trial balance to confirm the completeness and make sure that debit…

Following the accounting equation, any debit added to a GL account has a corresponding and equal credit entry in one other account and vice versa. The greatest way to know if your general ledger is correct is to reconcile all entries then generate a trial balance to confirm the completeness and make sure that debit…

The top Sage Accounting plan offers decent value and there is also a 30-day free trial with no credit card requirement. It offers cross platform support as it is a native cloud based software offering, to be used via any web browser, and connections to Android and iOS apps. You can manage your daily bookkeeping…

It is important to note that state statutes regulate the use of assumed names, and failure to register may lead to unwanted consequences. An assumed business name, also called a DBA (doing business as) name, is used by an entity that is conducting business under a name that is not its legal name. Protect yourself,…

Additional standard deduction allowances apply if you’re age 65 or older or blind. For 2024, the extra allowances are $1,550 for a married taxpayer age https://www.officiumdivinum.org/becoming-a-bookkeeper-skills-qualifications-and/ 65 or older or blind and $1,950 for an unmarried taxpayer age 65 or older or blind. Many small businesses are not aware that the IRS allows tax deductions…

For example, if you want to watch a show on Netflix that’s only offered in Europe, you can set your location to somewhere in the EU. Your data is safeguarded with 256-bit SSL encryption and the app boasts a high uptime of 99.99%. It can also integrate with over 80 third-party apps, boosting its functionality.…

Practically speaking, mixed credit is important because FICO says having a variety of loans is necessary for earning a perfect credit score, according to creditcards.com. Open lines of credit are credit lines where you’re given an unspecified amount of credit usually on a monthly basis and expected to pay that balance in full each month.…

It represents the amount of money a company has made from its core business activities before accounting for other expenses like salaries, rent, and taxes. Essentially, it measures the efficiency of a company in managing its labor and supplies in the production process. Gross profit is pivotal for both businesses and investors because it indicates…

This production budget measures the number of units produced to meet market demand. After the sales budget has been prepared, a production budget is prepped per the number of units expected to be sold. Initially, a sales budget is prepared by estimating the selling price you intend to sell your goods in the future and…

Utilize a distinct bank account for your reserve fund and refrain from commingling it with personal or operational funds. Moreover, utilizing property management software or accounting software that is compatible with your bank account can assist in categorizing, reconciling, and reporting your reserve fund activities. Consider using a ledger or spreadsheet to monitor the inflows,…