Posts Categorized: Bookkeeping

However, credit accounts are those that go up when credited and down when debited. Money coming in is seen as crediting the account, and money going out is debiting it. These include the owner’s or shareholders’ equity accounts, revenue accounts, and liability accounts. In fact, the way they are put into action may feel counterintuitive… Read more »

However, sometimes the company does not have a dividend account such as dividends declared account. This is usually the case in which the company doesn’t want to bother keeping the general ledger of the current year dividends. Dividends are a way for companies to reward their shareholders for investing in their equity. They are portions… Read more »

Although technology has streamlined the process somewhat, bookkeeping remains a challenge for many business owners. Outsourced accounting firms work with a wide range of clients, many of which may also operate in your industry. Their teams live and breathe accounting every day, and will replicate best accounting practices from across your industry into your business’s… Read more »

When polled, 58% of employees admitted to stealing office supplies from work. But, stealing office supplies isn’t the only misuse of company assets you have to worry about. Employee fraud can be difficult to detect because there are so many types of fraud to worry about. Regular audits, both internal and external, can help detect… Read more »

Every time your business makes a transaction, you must record it in your books. There are a few steps you have to follow when accounting for a transaction. Yes, software like QuickBooks can automate posting, entering transactions into accounts in real-time. Accounting Errors A major component of the accounting profession is the “Big Four”. This… Read more »

The results are monitored and recorded by identifying or measuring physiological, morphological, or behavioral modifications following the treatment. If you are having a hard time identifying which variable is the independent variable and which is the dependent variable, remember the dependent variable is the one affected by a change in the independent variable. If you… Read more »

There is also a book value used by accountants to value the assets owned by a company. This differs from the book value for investors because it is only used internally for managerial accounting purposes. Calculations involved in the book value of equity can become complicated and inconsistent. For example, assessing the effects of depreciation… Read more »

Our PRO users get lifetime access to our accounting equation visual tutorial, cheat sheet, flashcards, quick test, and more. The double-entry practice ensures that the accounting equation always remains balanced, meaning that the left-side value of the equation will always match the right-side value. This is the value of funds that shareholders have invested in… Read more »

In Ohio, for example, reserve contributions must amount to at least 10% of the association’s annual budget. All homeowners associations have different needs, sizes, expenses, and common elements. Every time a resident pays the monthly HOA fee, a portion goes to the operating fund while another portion, probably smaller, is set aside and kept as… Read more »

That way, you are protected against unauthorized access, ensuring compliance and saving you both time and space. Onboarding documents are important to complete when new employees start working for you, and they’re crucial to ensuring you manage payroll correctly. It’s best to create an onboarding schedule that will help you complete these forms on time… Read more »