Category: Bookkeeping

  • Adjusting Journal Entries Financial Accounting

    An adjusting entry is an entry that brings the balance of an account up to date. Adjusting entries are crucial to ensure the correct balance and correct https://www.wave-accounting.net/ information in an account at the end of an accounting period. Most accruals will be posted automatically in the course of your accrual basis accounting. Some business…

  • ADP Run Review: Features, Pricing, and More

    Thanks to ADP, midsize businesses can access services often reserved for big businesses and enterprises without paying enterprise-level prices. ADP further simplifies payroll processes with its top-of-the-line mobile payroll app. Employees can use the self-service portal to check tax documents, view paychecks, update their direct deposit and clock in and out (if you add ADP’s…

  • UPS Paperless Invoice: A Comprehensive Guide for Businesses

    Going paperless means saving on several variable costs, such as printing, pens, and paper. Besides, shipping cost is also majorly saved when working in paperless mode. It is quite clear why most organizations are switching to a paperless invoice system after knowing the difference between paper and paper-free invoicing. These companies speed up invoice approvals…

  • LIFO Calculator for Inventory

    For external index or IPIC calculations, Bureau of Labor Statistics (BLS) Consumer or Producer Price Indexes (CPI/PPI) are used to calculate inflation. Last in, first out (LIFO) is a method used to account for business inventory that records the most recently produced items in a series as the ones that are sold first. That is,…

  • First-Time Homebuyer Credit Account Look-up Internal Revenue Service

    While the 70% guideline applies to the share of filers who should be able to use Free File in a filing year, the fiscal year data is a proxy for these more precise (but unavailable) numbers. Fortunately the IRS has some mercy when circumstances are beyond your control. That big mortgage payment you now have…

  • First-In First-Out FIFO Method

    On the other hand, Periodic inventory systems are used to reverse engineer the value of ending inventory. On 2 January, Bill launched his web store and sold 4 toasters on the very first day. With real-time, location-specific inventory visibility, intelligent cycle counts, and built-in checks and balances, your team can improve inventory accuracy without sacrificing…

  • Allowance for Doubtful Accounts

    Estimating invoices you won’t be able to collect will help you prepare more accurate financial statements and better understand important metrics like cash flow, working capital, and net income. The company now has a better idea of which account receivables will be collected and which will be lost. For example, say the company now thinks…

  • Interest Payable Guide, Examples, Journal Entries for Interest Payable

    Accrued expenses, which are a type of accrued liability, are placed on the balance sheet as a current liability. That is, the amount of the expense is recorded on the income statement as an expense, and the same amount is booked on the balance sheet under current liabilities as a payable. Then, when the cash…

  • Interest Payable Guide, Examples, Journal Entries for Interest Payable

    Accrued expenses, which are a type of accrued liability, are placed on the balance sheet as a current liability. That is, the amount of the expense is recorded on the income statement as an expense, and the same amount is booked on the balance sheet under current liabilities as a payable. Then, when the cash…

  • I’m Self-Employed, and I Do 4 Things to Take Control During Tax Season

    She is a proud graduate of Purdue University and a lover of random acts of kindness, volunteering and cats and dogs. Follow her on Twitter at @ellenychang and Instagram at @ellenyinchang. People who own businesses typically work with a CPA throughout the year on charitable planning issues, calculations of quarterly estimates and sometimes tax notices,…