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How to Balance Your Purchase Ledger BooksTime

Companies may consider using accounting software to perform reconciliation, although they still need the services of accountants. The most advanced accounting programs include the feature that enables the creation and management of the purchase ledger control account and the trader creditor control account.

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How Long Should You Keep Business Records BooksTime

Always keep invoices, bank statements, receipts (easy to do when using cloud services), payroll statements, and any other type of documentary that evidences and supports an item of income, deduction, or credit from a tax return. If a taxpayer doesn’t file taxes, they will be sooner or later involved in back taxes.

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Common Cash Flow Problems and How to Solve Them BooksTime

Most businesses consider an increase in sales of goods or services a good sign. And it is a good sign, but only if clients pay on time. A business can be successful on paper, …

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What Is Payroll Expense

The cost of goods made or services provided can be greatly affected by the amount of payroll expense the employer incurs, especially in businesses that provide …

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What to Do If You Missed 1099 Deadline

The most common one used to report the income of contractors, payees, non-employees that got $600 or more as payment from the business during the year. 1099-A. …

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What is an Invoice: Guide and Examples BooksTime

An invoice is a document with a list of goods sent or services provided that includes an amount due for these among other important information; It is issued by the seller …

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What are Billable Hours: Time Tracking Guide and Tips BooksTime

An itemized list of services. Billing time for each service. A deadline for payment. Payment terms. The total amount for the invoice, including taxes and fees. It may seem …

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What’s the Difference between 1099 and W2 Employees BooksTime

An employee is any worker performing services for a company if it can control what will be done and how it will be done. In simple words, employers control the way …

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Days Sales Outstanding (DSO): Definition and Formula

This in turn will increase your profits and increase the value of your business on the market, giving you better chances to have good investors and sell your business at a …

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California Income Tax Rates BooksTime

The income tax in California is a part of the Mental Health Services Act. Funds of taxpayers finance health programs in the state. The fee of 13.3% is the highest in the US but is applied …

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What is Expense Management BooksTime

Purchase management is managing purchases of products or services that an organization or business is buying. It requires keeping track of items that employees need and …

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Self-Employment Tax: Understand and Calculate It BooksTime

Here are some of the key takeaways: The first $142,800 of taxpayer’s income is subject to the Social Security portion for the year 2021. In the following year, it should increase …

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Forming a Corporation: Advantages and Disadvantages BooksTime

A private corporation is a company owned by individuals or firms. Non-profit corporation — a company whose owners have limited liability and the primary purpose of the …

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Gross Sales vs Net Sales: What's the Difference BooksTime

The term gross refers to the figure before taxes, expenses, or other deductions. So, gross sales describe the total amount of money received by a business after a sale. It is …

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Accounting Technology for the Future BooksTime

The services usually include asset management, multi-currency accounting, purchase orders, etc. If a company is small, the owners won’t have to pay a fortune. Optical …

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Stale-Dated Checks and How they impact your business BooksTime

Returned checks are typically returned by postal services because they are undeliverable. In some cases, a check may have the wrong address, or it’s impossible to find …

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What are Period Costs: All You Need To Know BooksTime

Fees to specialists. Payment for services of lawyers, accountants, and other professionals. Office expenses. Its money is spent on rent, repair of equipment, and …

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Best Outsourced Bookkeeping and Accounting Solutions

In fact, with outsourcing, you can save up to 40% on accounting services. Outsourcing of accounting functions allows a business to forget about bookkeeping and …

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Total Manufacturing Cost: Overview and Calculation BooksTime

The three main components of total manufacturing costs are direct materials, direct labor, and manufacturing overheads. Direct materials consist of raw materials that go …

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Public Accounting: Definition And Examples BooksTime

The definition of public accounting is an organization that offers accounting expertise and services to corporations, governments, non-profit organizations, or individuals. …

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Change in Net Working Capital (NWC): Formula and Calculation

The last step is to determine the change in working capital by using the formula. Subtract the previous year’s working capital from the current year’s working capital according …

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Full Time Equivalent (FTE): Definition and Calculation BooksTime

Full-time equivalent (also known as FTE for short) is a unit of measure founded on the total hours worked that indicates how many hours are full-time. It is the equivalent time of …

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What is Customer Invoice BooksTime

An invoice is a document that a seller creates and then sends to the buyer. It relates to a transaction that already took place or will take place and lists the products or …

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Management Assertions in Auditing BooksTime

These five items are categorized as assertions related to the data presented within the financial statements and all accompanying disclosures: Completeness. The …

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Articles about bookkeeping and accounting BooksTime

This means that goods or services are provided to the customer now and then paid by the buyer at a future date. The customer is.. Articles. November 02, 2020. Charles Lutwidge. Preparing a …

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Markup vs Margin: Which Should You Use BooksTime

A financial metric that measures a company’s profitability, that is, the proportion of revenue left in the business after paying production costs from revenue, is called margin. The …

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What is the Accounting Journal Entry for Depreciation BooksTime

Reading Time 4 mins Depreciation of fixed assets contains the cost of fixed assets in the cost of the goods or services produced. In accounting postings, depreciation of fixed …

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What is Grant Accounting BooksTime

Grant accountants are responsible for the following tasks: Record financial statements, such as programs level and entity level P&L. Create and keep budgets. Aid with …

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How to Calculate Withholding Tax: A Simple Guide BooksTime

A simple calculation gives us $213.58. This is the amount that the employer would be actually taking out of Kelly’s paycheck. If you subtract $213.58 from the weekly wage of …

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Accounting in California: Bookkeeping and Tax Services BooksTime

Using bookkeeping services is cheaper than having an individual accountant. Check out the article to learn more about bookkeeping in California, and what help can you …

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What is Certified Payroll: Reporting Requirements BooksTime

What is Certified Payroll. Reading Time 5 mins. When a business is working on a federally funded project as an independent contractor, one of the requirements is submitting a …

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Financial Accounting vs. Managerial Accounting BooksTime

Managerial (or sometimes management) accounting is a method used for internal purposes. It requires identifying, gathering, analyzing, and interpreting given data. The …

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What Is Total Annual Income and How to Calculate It

This would mean his total gross annual income is $105,560. As you can see, annual income is a concept that everyone will come across sooner or later in their life. …

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How to Calculate Reorder Points BooksTime

The time for delivery is 3 days. Safety stock is 15 – this is the amount of product to decrease lack. So, the ROP is (18 x 3) + 15 = 69. This number is the reorder point of the …

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Predetermined Overhead Rate: Formula and Example BooksTime

The accountant has calculated estimated manufacturing overhead expenses: $325,000. The estimated labor hours are 3,100 hours. The next step is to calculate a …

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How to Calculate Accrued Vacation Pay BooksTime

You have 5 days from the last period and 6 days from this period, which gives you a total of 11 days. So far, you have taken 2 days of your vacation time. If you make $50 an …

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