Bookkeeping

However, it will not have any net effect on net income, as the change in numbers will balance out. In this podcast we’ll discuss the impact of the current uncertain economic environment on lease accounting. This is a straight-line amortization of the ROU asset over the useful life of the asset divided by the lease […]

Companies break down their expenses and revenues in their income statements during bookkeeping and when it comes to accounting, debits and credits are the two key elements. Based on the double entry system in accounting, an expense is reported as a debit and not a credit. Temporary accounts (or nominal accounts) include all of the

Therefore, owner-operators should look to maintain their books as frequently as possible and no fewer than once a week. Today, technological breakthroughs have also impacted the trucking industry for the better. Owner-operators can explore effective accounting software in carrying out various administrative aspects of their trucking businesses. As such, truck drivers and owner-operators are capable

It is journalized and posted BEFORE financial statements are prepared so that the income statement and balance sheet show the correct, up-to-date amounts. “Deferred” means “postponed into the future.” In this case you have purchased something in “bulk” that will last you longer than one month, such as supplies, insurance, rent, or equipment. Rather than

Accruals and deferrals are the basis of the accrual method of accounting, the preferred method by generally accepted accounting principles (GAAP). The accruals are made via adjusting journal entries at the end of each accounting period, so the reported financial statements can be inclusive of these amounts. An example of an accrued expense for accounts

The comprehensive bookkeeping support services our bookkeepers and other employees provide lead to immediate and guaranteed results. Our expertise in corporate financial information can be crucial to free up your schedule and allow you to concentrate on the other departments bookkeeping services houston of your enterprise. We support and work with most major accounting and

Since you still don’t see the option to do it, please give us a call. We can check why the option isn’t there and help you fix it. QuickBooks Online allows you to invite different users through the Manage users page. If you’d like to give your accountant access to your company, see the steps below. By managing your

A statement of comprehensive income is a financial statement that shows a company’s total revenue and expenses for a period of time together with revenues and expenses that are yet to be earned or realized. This statement provides a more complete picture of a company’s financial health than a traditional statement of revenue and expenses,

He should compare actual with projected results and give reasons as to why projections did not match with actual performance. Therefore, a systematic post-audit is essential in order to find out systematic errors in the forecasting process and hence enhance company operations. Let’s take another example to further highlight the internal rate of return. Let’s

Corporate shares are easier to transfer than LLC membership interests, and established investors tend to prefer the well-established and predictable structure of a corporation. There may be additional paperwork required for certain types of corporations, such as public benefit corporations needing to undergo a verification process and file annual benefit reports. Without an operating agreement,