Category: Bookkeeping

According to the National Turkey Federation, an estimated 88 percent of Americans consume Thanksgiving turkey each year. Department of Agriculture (USDA), this translates to more than 46 million turkeys eaten on Thanksgiving. That’s a lot of birds.The USDA also notes that the United States produced more than 5 billion pounds of turkey last year, with…

After the money is spent, a petty cash receipt should always be given to accounting in order to aid the petty cash reconciliation process. Large purchases might require using a company credit card or writing a check. An accountant will typically write a cheque to “Petty Cash” to fund the petty cash account and cash…

Another type of voucher is a prepaid debit card, which can be used in much the same way as a gift certificate – for any purchase at any location that accepts the particular brand of card. They are issued by Accor hotels to allow you to purchase their goods and services. In many cases when…

This statement shows reasons for any discrepancies between the two. A company can prepare a bank reconciliation statement at any time during its financial periods. Then, go to the company’s ending cash balance and deduct from it any bank service fees, NSF checks and penalties, and add to it any interest earned. The purpose of…

By clicking the button above, you are indicating that you have read, understood, and agree to LoopNet’s Terms and Conditions. This email address is already in use. Please Login or try a different email address. The development is well connected by public transport with numerous Dublin Bus routes serving the quality bus corridor (QBC) next…

Taxes will be taken out automatically and his compensation will be consistent. If he has $120,000 in owner equity, including his original $50,000 contribution and earnings from past years. If Charlie takes out $100,000 worth of an owner’s draw, he runs the risk of not being able to pay employees’ salaries, fabric costs and other…

The golf club would continue to recognize $20 in revenue each month until the end of the year when the deferred revenue account balance would be zero. On the annual income statement, the full amount of $240 would be finally listed as revenue or sales. The impact of the transaction now appears in the income statement, as revenue. Unearned rent refers…

In short, generally accepted accounting principles (GAAP) are a set of commonly followed accounting standards and rules for financial reporting. The standards include definitions, concepts, principles, and industry-specific rules. In other words, GAAP is a collection of concepts and best accounting practices accepted throughout the industry. The most notable principles include the revenue recognition principle,…

Your liabilities could include a credit card balance, payroll, taxes, or a loan. COGS or COS is the first expense you’ll see on your profit and loss (P&L) statement and is a critical component when calculating your business’s gross margin. Reducing your COGS can help you increase Donations for Nonprofits and Institutions profit without increasing…

For example, if you have employees, you’ll have to pay into Social Security and Medicare. You’ll also have to pay unemployment taxes, set at a state level but handled by the federal government. You must calculate self-employment taxes using Schedule SE and add the total of this tax due to your personal tax return. If…