Categoría: Bookkeeping

Employees also get an email each payday letting them know their money’s coming in. In the pay tab, we didn’t see a financial goals tool, and when trying to set up the paycheck splitter, the “add bank account” button wasn’t responsive. However, under the paycheck balance sheet splitter setting, we were able to see the…

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BGBC is the brand under which BGBC Partners, LLP and BGBC Advisory, LLC provide professional services. BGBC Partners, LLP is a licensed independent CPA firm that provides attest services to its clients, and BGBC Advisory, LLC provides tax, advisory, and business consulting services to their clients. petty cash The entities falling under the BGBC brand…

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Estimation of Doubtful Accounts Chapter 5 PDF Economies Business This means companies have to prepare for the financial impact of unpaid invoices through an accounting move known as the «allowance for doubtful accounts.» Allowance for Doubtful Accounts decreases (debit) and Accounts Receivable for the specific customer also decreases (credit). Allowance for doubtful accounts decreases because…

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Understanding JIT is crucial for modern inventory management because it helps businesses operate more efficiently, reduce storage costs, and respond quickly to market demands. By implementing JIT, companies can avoid the pitfalls of overstocking and understocking, ensuring they meet customer needs without tying up capital in unnecessary inventory. The Just in Time system considers the…

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Test of Controls Purposes Types vs Test of Details This is to ensure that irrespective of the jurisdiction, auditors can rely on a consistent framework to gather and evaluate evidence. Management teams, on the other hand, may view the collection of audit evidence as intrusive or burdensome, especially when it involves sensitive or confidential information.…

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Although Singapore does not observe daylight saving time (DST), it follows the UTC+8 time zone, one hour ahead of the typical zone for its geographical location. Thus, the eastern side of Singapore is much drier and slightly hotter than western Singapore. This can cause slight weather disparities from one side of the island to the…

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If you misclassified $200 of insurance as office supplies, you’ll correct it by debiting Insurance Expense and crediting Office Supplies Expense by $200. The goal here is for your financial statements to reflect the true state of your business finances. Sometimes, you earn revenue before receiving the cash, like completing a project before invoicing. This…

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It represents the remaining value of the asset on the company’s books. In this case, your depreciation recapture rate is $45,454.55. In this scenario, you’ve actually lost money and won’t have to pay taxes—all thanks to depreciation. In this post, we’ll show you how depreciation recapture works (and include examples), how to calculate it, and…

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We like the dedicated accounting nature of this service, so business owners of non-accounting firms will want to look elsewhere. It’s worth noting that pricing of $69 per license per month applies to accounting firms looking to onboard and manage client entities through Botkeeper on a self-managed basis. You can buy an unlimited number of…

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The activity reported on this statement covers a specified period of time, usually one month or one year. Ultimately, your nonprofit financial statements are snapshots of your financial health and activities that you can use to improve your decision-making and secure more support down the line. A nonprofit consultant can work with your team to…

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