Closing entries are something a bookkeeper typically does once the month is over and every time the accounting period comes to an end. It is a mandatory procedure in accounting without which a bookkeeper cannot start recording entries for the next pe... Read more
An annuity is an investment in which the purchaser makes a sequence of periodic, equal payments. To find the amount of an annuity, we need to find the sum of all the payments and the interest earned. The present value of an annuity due is calculating... Read more
Two less-commonly used methods of depreciation are Units-of-Production and Sum-of-the-years' digits. We discuss these briefly in the last section of our Beginners Guide to Depreciation. This content is for information purposes only and should not be... Read more
Revenue is the main source of income for any entrepreneur. The proceeds from the sale of products complete the production cycle of the entire enterprise. It proves the viability of an entity and completes the cash flow of any business venture.Sales r... Read more
The program enters the transaction information for you and automatically matches and categorizes expenses from the receipt. It then stores and organizes the photos of the receipts so you’ll be ready for tax season. One of the things that makes QuickB... Read more
Assets and liabilities valued at current costs use the current exchange rate and those that use historical exchange rates are valued at historical costs. If a company’s functional currency is the U.S. dollars, then any balances denominated in the loc... Read more
The best practice is to document internal controls so that there can be a complete risk assessment. The issues of internal controls and risk were discussed during the recent AICPA Nor-For-Profit industry conference in National Harbor, Md. The session... Read more
When determining a fee structure, many accountants call other firms and ask for quotes. They use the average of those quotes to determine a fair and competitive price for their services.Send press releases to your local newspapers, radio and TV stati... Read more
These often receive favorable tax treatment over short-term assets. A method of foreign currency translation that uses exchange rates based on the time assetsand liabilities are acquired or incurred, is required. The exchange rate used also depends o... Read more
In addition to her work with Investopedia, she has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street.In the discussion above, we looked at one investment over the... Read more
