Category Archives: Bookkeeping

Simply put, a single individual providing or doing activities can register himself or herself as the owner to become a formal business. The application fee for sole proprietorships and partnerships, LP and LLP is $100. If you plan to own a simple business, keep it simple and select the sole proprietorship structure. However, if your […]

While QuickBooks Online does offer security features like multi-factor authorization and encrypted data storage, it’s accessible by anyone with employee login credentials and an internet connection. QuickBooks Desktop has a more dated user interface than some cloud-based products and requires prior accounting knowledge to get the most out of the product. As a QuickBooks ProAdvisor, […]

You must purchase additional licenses if you want to access it on multiple computers. While you can add cloud access to QuickBooks Enterprise, it involves an additional fee. Our partners cannot pay us to guarantee favorable reviews of their products or services. Support network refers to a community of software users that can extend professional […]

Book transactions are transactions that have been recorded on your books but haven’t cleared the bank. As a small business, you may find yourself paying vendors and creditors by issuing check payments. Let’s take a look at a hypothetical company’s bank and financial statements to see how to conduct a bank reconciliation. Adjust the cash […]

The first type of inventory transaction you’d make would involve buying raw materials inventory, or the materials you use to make your products. You’ll have to have a basic understanding of the inventory cycle and double-entry accounting methods to make the proper entries. While perpetual inventory systems offer rich information for management, maintaining these systems […]

It remains there until the reasons for the imbalance are discovered and corrected. If your trial balance debits are larger than the credits, the difference is recorded in the suspense account as a credit. Use a suspense account when you buy a fixed asset on a payment plan but do not receive it until you […]

In this article, you’ll learn more about what bookkeepers do, why they’re important to a business, and how much they earn. You’ll also explore how to become one and find suggested cost-effective courses that can help you gain job-relevant skills today. To uncover errors, check whether you forgot to record an entry in either column […]

This rule states that there’s a good chance you’ve found a cash-flowing property if it rents for at least 1% of the purchase price. If you have a specific rate of return you’re aiming for, calculating cash flow for real estate can give you an idea of whether a real estate cash flow property is […]

Companies have several options for depreciating the value of assets over time, in accordance with GAAP. Most companies use a single depreciation methodology for all of their assets. Thus, the methods used in calculating depreciation are typically industry-specific. This method often is used if an asset is expected to lose greater value or have greater […]

In-year increases in the official rate of interest (ORI) may take place, where appropriate, from 6 April 2025. The ORI is used to calculate the tax liability on employment related beneficial loans and living accommodation. As part of these changes, pension scheme administrators will become liable for reporting and paying any inheritance tax due on […]