التصنيف: Bookkeeping

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Thanks to their expertise and proprietary tax strategies tailored specifically for businesses like ours, we’ve been able to identify substantial tax savings. In 2024 alone, their guidance helped us save hundreds of dollars. Partnering with KnowVisory is one of the best decisions we’ve made – a true “no-brainer. Identify Your Business Needs This includes everything…

And, the suspense account reports balances that do not match between your debits and credits. Clearing directly impacts how and when your business recognizes cash, tracks expenses, and closes the books. If your team does not understand how clearing works, you risk misreporting cash positions, delaying reconciliations, and missing key reporting deadlines. If you process…

While finance focuses on forward-looking projections, accounting relies on historical data—pro forma financial statements help bridge the gap between the two. Accounting software with advanced accounting capabilities, like QuickBooks, can help here. While they all fall into the same categories—income statement, balance sheet, and cash flow statement—they differ based on the purpose of the financial…

The accounting noted here only applies under the accrual basis of accounting. Under the cash basis of accounting, the landlord does not have any unearned rent. But what if the tenant were to pay slightly earlier, at the end of the preceding month? In this case, the landlord must record the receipt of cash, but…

This transaction, once saved, will increase the balance in the bank type account called Checking by $5000. No, the OBE account cannot be deleted because it is a system-generated account integral to QuickBooks. However, its balance should always be zero after you have allocated the opening balances to appropriate accounts. Get everything you need to…

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For example, if the bookkeeper had debited cash by $100 and credited customer A’s account by $1,000, the credit and debit balances wouldn’t match. The bookkeeper will need to change the amount in the journal entry or pass an adjusting entry to fix the error. When a transaction starts in one accounting period and ends…

A freelance accountant, often referred to as a sole practitioner, is an accounting professional who is not employed by an accountancy firm or other business. Instead, they work directly with their own portfolio of clients, offering a range of services which can vary from payroll management to financial auditing. You’ll need to look after your…

This puts the funds back to work sooner and reduces theneed for short term loans. However, even with a generous cash discount for prompt payment, collections for credit sales are typically spread out overseveral months. From a control perspective, appropriation budgets are effective in limiting the amount of an expenditure, but create a behavioral biasto…