Category Archives: Bookkeeping

The statements do not comply with GAAP accounting standards and may exclude transactions posted to the income statement. Goodwill is recorded when a business purchases an intangible asset or another company for more than the...

Wave offers a decent range of invoice creation tools and abilities. While the number of core templates is a little low at just three, you’ll be able to add a company logo, customize colors, and...

TurboTax has a $0 option for qualified customers for both federal and state tax returns, which is available with no income cutoff, but does not cover certain income types. TurboTax says about 37% of taxpayers...

The credit amount increases the liability accounts of the balance sheet like shareholders equity, sales account etc whereas the situation is vice-versa for asset accounts. Let’s say a company has $3,000 worth of rent expenses...

According to the IRS, an operating expense must be necessary and accepted in business trade. Generally, businesses can deduct operating expenses in the year they were incurred. This can significantly reduce a business’s taxable income...

For instance, the NRV of inventory reserved for confirmed sales or service agreements is derived from the agreed contract price (IAS 2.31). The former is specific to an entity, while the latter isn’t (see IAS...

You’ll learn how to use QuickBooks for different industries, how to build custom reports, and much more. An interactive class that introduces you to bookkeeping principles to help you understand debits and credits, financial statements,...

The cost of sales consists of various elements that contribute to the expense of producing a product or delivering a service. Analyzing these components helps businesses identify resource allocation and potential areas for savings or...

This method is straightforward and can be useful for projects with repetitive tasks or well-defined unit costs. Quantitative factors are measurable aspects of a project that can impact fixed costs, such as the number of...