However, care should be exercised to avoid duplication of the allowance as an element of both estimated product cost and risk. Subject to the requirements of paragraphs through of this section, the costs of family movements and of personnel movements... Read more
Some examples include utility expenses and professional services, like legal services, insurance, and medical costs. An expense that is one-off is typically labeled as an other expense. Examples of accounts under expenses include wages expense, suppl... Read more
If you want to watch the process in action, check out our quickbooks payroll setup video. QuickBooks Time’s geofencing feature nudges employees to clock in and out when they enter and leave an assigned job site. 24/7 phone and messaging support plus... Read more
Each depreciation expense is reported on the income statement for the accounting period, and most businesses report on a 12 month accounting period. The cumulative depreciation is recorded on the balance sheet, and it displays the total depreciation... Read more
So, assume that a landlord receives $1,000 in rent for the month of April on April 1. The landlord has not earned the rent yet because the tenant has not used the property for the month. In some instances, you may choose to pay more than one rental p... Read more
Any amount that is posted to the suspense account should be there on a temporary basis only, as this amount needs to be investigated and posted to the correct account. When the business is unsure about the account in which they need to park a particu... Read more
She is a graduate of Bryn Mawr College (A.B., history) and has an MFA in creative nonfiction from Bennington College. As an alternative to viewing the data in this subtask, you can print the transactions detail data from the Bank Reconciliation Detai... Read more
An increase to the bank's asset account is a debit. Hence, using a debit card or credit card causes a debit to the cardholder's account in either situation when viewed from the bank's perspective. So, what exactly does this mean in relation to your f... Read more
It can be difficult to gauge the appropriate time to hire an accounting professional or bookkeeper, or to determine if you need one at all. While many small businesses hire an accountant as a consultant, you have several options about how you handle... Read more
When filing federal income tax, taxpayers need to choose to either take the standard deduction or itemize deductions. This decision will be different for everyone, but most Americans choose the standard deduction.If you are given the tax rate, you ca... Read more
