Category: Bookkeeping

Transaction analysis definition, explanation, steps, example

Saul McLeod, PhD., is a qualified psychology teacher with over 18 years of experience in further and higher education. He has been published in peer-reviewed journals, including the Journal of Clinical Psychology. International Economic Accounts that, taken together, provide a comprehensive, integrated, and detailed picture of U.S. international economic activities. The second-quarter deficit was 3.7 …

Depreciated Cost: Definition, Calculation Formula, Example

That sounds complicated, but in practice it’s pretty simple, as you’ll see from the example below. Its salvage value is $500, and the asset has a useful life of 10 years. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working …

Break-Even Point Formula, Methods to Calculate, Importance

The articles and research support materials available on this site are educational and are not intended to be investment or tax advice. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Our team of reviewers are established professionals with decades of experience in areas of personal …

Inventory Turnover Ratio Formula Example Analysis

Other names used for this ratio include stock turnover ratio, inventory turns, stock turns and rate of stock turnover. The inventory turnover ratio shows which material items are fast-moving, and so it provides valuable information that can guide investments in that item. Inventory turnover ratio is an efficiency ratio that measures how well a company …

Memorizing Deposit Transactions that include Undeposited Funds

In additions she was named a Top 10 ProAdvisor — Social Media Leader. I created this quick video to explain the problem and more importantly how to fix Undeposited Funds. Many users have found this account tedious because it’s not very intuitive to untrained users. The information provided here is not investment, tax, or financial …

Deposit payments into the Undeposited Funds account in QuickBooks Desktop

In the screenshot below, we have indicated the details of the A/C repair service rendered, including the rate which is $150. If you use account categories or tags in your QuickBooks Online account, make sure to assign the appropriate categories or tags to the transaction to maintain consistency and ease of reporting. Learn how to …

What are Outstanding Checks? Definition Meaning Example

When a business writes a check, it deducts the amount from the appropriate general ledger cash account. If the funds have not been withdrawn outstanding check definition or cashed by the payee, the company’s bank account will be overstated and have a larger balance than the general ledger entry. Last, outstanding checks might have an …

8 Bookkeeping Tips to Simplify Small Business Financials

This will also avoid the temptation to allocate a private expense to the business. Savings AccountAlso, open a business savings account and set aside money from your business earnings every month to pay your quarterly tax. Calculate a percentage (25-30%) of your Income and transfer it over before you spend it. Moreover, these partners employ …


            

            

                        
            
            
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