The process involves a series of steps which begins when a transaction happens in a Business and ends with reports called Financial Statements. This not only frees up leadership to focus on growing their brands, teams, and products, but it also gives... Read more
Once you approve of the categories, transactions automatically settle in your financial statements. Before we jump into establishing a bookkeeping system, it’s helpful to understand exactly what bookkeeping is and how it differs from accounting. Book... Read more
When selling online, you first need to determine if you are required to collect sales tax from buyers in your buyer’s state. Next, you need to determine the sales tax rate at the buyer’s location.How much taxes do I pay on $200000?If you make $200,00... Read more
You won't get charged for questions. So 1800 accountants filed the client as an S corp- and an S corp doesn't exist. Now that I brought my first rental property I was looking to see if they are equipped to maximize returns for real estste investors.... Read more
Balance sheet substantiation is an important process that is typically carried out on a monthly, quarterly and year-end basis. The results help to drive the regulatory balance sheet reporting obligations of the organization. To maximize liquidity and... Read more
Vertical analysis states financial statements in a comparable common-size format (i.e., percentage form). One of the advantages of common-size analysis is that it can be used for inter-company comparison of enterprises with different sizes because al... Read more
The equity accounts include all the claims the owners have against the company. The business owner has an investment, and it may be the only investment in the firm. If the firm has taken on other investors, that is reflected here. The chart of accoun... Read more
A capital requirement is a fraction of assets that must be held as a certain kind of liability or equity . Before the 1980s, regulators typically imposed judgmental capital requirements, a bank was supposed to be "adequately capitalized," but these w... Read more
Hence, Companies use this tool to ensure that all debit balances are equal to the total of all credit balances after an accountant passes closing entries. Temporary accounts are accounts that are closed at the end of each accounting period, and inclu... Read more
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