Bookkeeping

To close the income summary account, the balance in the account needs to be transferred to a capital account (generally the retained earnings). If the… Leggi tutto »What is an Income Summary Account and How to Calculate It?

FIFO has several advantages, including being straightforward, intuitive, and reflects the real flow of inventory in most business practices. Many companies choose FIFO as their… Leggi tutto »First In, First Out FIFO Method: What It Is and How to Use It

They, therefore, record a journal entry by debiting the bad debt expense and crediting the allowance for doubtful accounts. The allowance for doubtful accounts resides… Leggi tutto »Allowance for Bad Debt: Definition and Recording Methods

As transactions are linked to your contacts, you can run a report per customer,vendor, or supplier. Accountant productivity is at the core of itsdevelopment with… Leggi tutto »Odoo Accounting Features

In practice, most modern manufacturers use MRP software with perpetual inventory systems that calculate WIP automatically and continuously. COGM is thereby the dollar amount of… Leggi tutto »How do I calculate the cost of goods sold for a manufacturing company?

Want to learn more about bookkeeping before you sign up for a virtual provider? Our article on business bookkeeping basics gives you more information on… Leggi tutto »Accounting Services for small businesses Bookkeeping Outsourcing in Kiev Units Consulting Ltd Kyiv, Ukraine

It was common to receive a stock certificate adorned with fancy designs and ornate engravings. Before digital transaction records became universally accepted, a stock certificate’s… Leggi tutto »What Is a Share Certificate?

This also shows that the company could pay off its current liabilities without selling any long-term assets. An acid ratio of 2 shows that the… Leggi tutto »Quick Ratio Acid Test Formula Example Calculation

While there is no actual movement of cash in this scenario, the business has accrued $150 worth of revenue and expenses. The accrual adjustment will… Leggi tutto »What Is Accrual Accounting? Definition & Guide to Its Revenue

Bench simplifies your small business accounting by combining intuitive software that automates the busywork with real, professional human support. Outsourcing tax preparation involves hiring an… Leggi tutto »Accounting Outsourcing 101: The Ultimate Guide for CPA Firms