Category: Bookkeeping

Industries or businesses that require a large number of fixed assets like PP&E are described as capital intensive. From an accounting perspective, plant assets are typically held on the balance sheet at historical cost (what the company paid for them) less depreciation (ongoing wear-and-tear expense) over time. This can help provide accurate financial information if…

So this Bank Transactions window is kind of like your Journal or your Cashbook. Data entry involves entering your business’s transactions into your bookkeeping system. As mentioned above, a lot of the data entry now happens automatically, either through OCR or bank feeds. Trial Balance On the other hand, if you have in-depth tax and…

That’s why at Balance Sheet Insights, our bookkeeping services are tailored to address your specific needs, ensuring that your business receives personalized attention and strategic guidance. At Fogg Bookkeeping Services, we offer https://www.bookstime.com/ a comprehensive suite of services designed to elevate your Las Vegas business’s financial management to new heights. With a commitment to excellence,…

Each sales channel has a time frame you can bring in data. You can set a close the books date in QuickBooks Online to prevent changes to be made before a specified date. If you set this closing date, then you won’t be able to download historical data before the closing date. Accrual accounting is…

Under the matching principle, expenses are typically recognized in the same period in which related revenues are recognized. For example, if goods are sold in January, then both the revenues and cost of goods sold related to the sale transaction should be recorded in January. A level-up concept, Contra Accounts, is only the opposite of…

The team at Merritt works in QuickBooks, which is helpful for easy handoff to your accountant and in case you decide down the line to bring your bookkeeping in-house. With our resources and expert team, you’ll also get a full understanding of IRS requirements for mixing personal and business transactions based on your corporate entity.…