Bookkeepers can use either single-entry or double-entry bookkeeping to record financial transactions. Bookkeepers have to understand the firm’s chart of accounts and how to use debits and credits to balance

Even if you hire someone, it’s still a good idea to understand the tax implications and best practices for bookkeeping and accounting in your private practice. Effective financial management is

References to federal income tax withholding don’t apply to employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands (CNMI), the U.S. Virgin Islands (USVI), and Puerto Rico,

When this occurs, it’s typically recorded as a credit to the income statement and an asset account called deferred expenses. In the realm of finance, it is crucial to have

Some experts expect Merchan to use other options, like fines, probation or home confinement. As for the checks to Cohen, Trump’s lawyers noted that Cohen’s title at the time was

At each year-end, companies close every account within the general ledger. Reconciling a subledger to a general ledger involves comparing balances, verifying transactions, making adjustments, and documenting the process to

This is one of the simplest but most effective ways to streamline the accounting cycle. After closing the books, the accounting cycle starts recording of transactions in accounting over again

Our goal is to deliver the most understandable and comprehensive explanations of financial topics using simple writing complemented by helpful graphics and animation videos. Our team of reviewers are established

It should let you make better decisions, give you an accurate snapshot of your company’s financial health, and make it easier to follow financial reporting standards. They represent what’s left

This is because it is hard, almost impossible, to estimate a specific value of bad debt expense. For example, in one accounting period, a company can experience large increases in