Category: Bookkeeping

QuickBooks makes it easier for your business as it calculates your income and expenses automatically as they happen. As you accept payment for any item in the inventory, the right expense account is updated and reflected automatically in taxable income. QuickBooks Online made it to our Best Accounting Software for Small Business list because it…

Content Why You Can Trust Forbes Advisor Small Business Improved Financial Reporting and Insights Who can use a Bookkeeper? What Do Online Bookkeepers do? Best Online Bookkeeping Services ( How Remote Bookkeeping Works Not only will you be working with experienced accountants, but you will also have access to a wide range of bookkeeping and…

Undeposited funds in QuickBooks refer to payments received from customers that have not yet been deposited into the company’s bank account. Undeposited funds are like a big bag of money or cash drawer that you would keep your checks and cash payments in until you deposit them at the bank. You have already received the…

Content The ultimate guide to obsolete inventory Sell It At a Discount Definition of Obsolete Inventory Consequences of Obsolete Inventory If it then sells, you debit ​$10​ to Inventory Reserve and credit ​$10​ to Inventory. To make the correct journal entry for obsolete inventory, you first subtract the disposition price from the value on your…

To access the support center, you can visit the official QuickBooks website and navigate to the “Support” or “Help” section. There, you’ll find a search bar where you can enter keywords related to your issue. The search results will display relevant articles and resources that may assist you in resolving the problem on your own.…

The main difference between fixed and variable overhead isthat variable overhead depends on the volume of production while fixed overheadis always the same. For example, when a new work shift is added, variableoverhead increases while fixed overhead remains unchanged. Such a method is useful to calculate the overhead rate for operations that do not make…

Specifically, while warehouses and storerooms hold your items physically, you should also have a digital system that files your inventory. Obsolete inventory, also called dead or excess inventory, refers to inventory a company still has after they should have sold it. This means that a product has reached the end of its product life cycle without being…

For instance, winter wear sees a surge in sales during colder months. Conversely, a low turnover might signify overstocking, while a high turnover might point to lost sales and understocking. This formula gives a clear picture of how effectively a company’s inventory is being utilized in relation to its sales. Great! The Financial Professional Will…

Ordinarily, you will file only one Form 1099-OID for the depositor or holder of a particular obligation for the calendar year. If a person holds more than one discount obligation, issue a separate Form 1099-OID for each obligation. OID is the excess of an obligation’s stated redemption price at maturity over its issue price (acquisition…

While receipt books are a practical tool for recording transactions, they also have significant legal implications. In many jurisdictions, businesses are required by law to provide a receipt for every sales transaction. Remember, accurate record-keeping is not only crucial for your business’s success but also serves as an essential tool for your customers’ financial management.…