Bookkeeping

For example, 2%, Net 30 terms mean that the payer will deduct 2% from the invoice if payment is made within 30 days. Accounts receivable refers to the amount that your customers owe to you for the…
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A bank statement is often used by parties outside of a company to gauge the company's health. That's because a company has to pay for all the things it owns (assets) by either borrowing money…
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The FASB issues an officially endorsed, regularly updated compendium of principles known as the FASB Accounting Standards Codification. The compendium includes standards based on the best practices…
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Remember that debits are always recorded on the left with credits on the right. A transaction that increases your revenue, for example, would be documented as a credit to that particular…
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However, amounts you pay to improve your business vehicle are generally capital expenditures and are recovered through depreciation. The costs of getting started in business, before you actually begin…
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Let’s say you’ve been reviewing your financial statements on a monthly basis, and you notice the accounts receivable balance on your balance sheet is creeping steadily upward. You ask your bookkeeper…
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Debits and credits are used in each journal entry, and they determine where a particular dollar amount is posted in the entry. Your bookkeeper or accountant should know the types of accounts your…
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In the past, the face value of shares served the purpose of preventing companies from selling stocks at prices lower than a set threshold. Acting as a reference point during times of limited data, it…
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All subscription levels of QuickBooks Online allow you to securely access your books from anywhere you can connect to the internet. There’s nothing to install, no servers or data files to maintain,…
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For example, if you prepay accounting fees for $1,650, to cover the next six months, you would need to expense $275 each month for six months. A prepaid expense is any expense you pay that has not yet…
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