Payroll Journal Entries For Wages
Due to the extra time needed to make calculations for each employee, hourly-paid employees typically receive their paychecks approximately five days after the work period has ended. Some companies continue to provide health insurance coverage to employees after they have retired. This retiree benefit is considered to be part of the compensation package earned by […]
Bookkeeping for Construction Companies: An Essential Guide
Proper revenue recognition timing is crucial for accurate financial reporting. By focusing on these strategies and resources, you can overcome common accounting challenges, ensuring the financial health of your construction business. Effective construction bookkeeping is vital for maintaining profitability and compliance, enabling you to make informed decisions. For starters, construction accounting tracks multiple projects, accounts, […]
Accounting & Bookkeeping Services for Construction Companies
She knows that successful contractor implementation requires clear lines of communication and she coordinates that flow for maximum efficiency. We’ll take the time to understand the specifics of your current situation and where you want to go. Let’s talk about how optimizing your financial processes can take it to the next level. Most Builders and […]
The Current Ratio: What It Is & How To Calculate It
Google and FedEx have very little in inventory or prepaid assets, so their quick ratios aren’t far off from their current ratios. Prepaid assets are unlikely to be refunded to the company in order for it to meet current debt obligations. It is listed as a current asset because it is something you have paid […]
A Comprehensive Guide To IRS Form 1065 Instructions
The sum of the amounts shown on line 2 must equal the amount shown on line 1. In addition, the amount on Analysis of Net Income (Loss) per Return, line 1, must equal the amount onSchedule M-1, line 9 (if the partnership is required to complete Schedule M-1). If the partnership files Schedule M-3, the […]
What is Account Reconciliation? Process, Types & Best Practices
A company, ABC Manufacturing, purchases raw materials from a vendor, XYZ Supplies. At the end of the month, the accounts payable team of ABC Manufacturing undertakes the activity of vendor reconciliation to ensure all transactions are accurately recorded and there are no discrepancies. Again as the name suggests, balance sheet reconciliation refers to the process […]
What is Annual Income? Meaning, Gross, Net, and How to Calculate
“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, Acting Commissioner of Social Security. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to […]
General Ledger with Free Template
However, there is always the chance that something gets misreported—like if you’re paying with petty cash and don’t record a $5 purchase. The example shows the electricity expense account which is on page 21 of the ledger. The name of the account ‘Electricity Expense’ and its account code 640 are also shown in the heading. […]
Intuit launches new QuickBooks Commerce platform
After you finish connecting to the first store, you can select Connect a sales channel on the Overview tab. The number of stores you can connect with varies by QuickBooks Online version. The table below shows how many connections each QuickBooks Online version supports. Although QuickBooks Desktop does include inventory tracking features, it is not […]
Payroll Accounting Process
Recording payroll on your books involves making sure that amounts are accurately posted to payroll accounts. Before you can record payroll, you will need to set up payroll accounts on your chart of accounts http://belarustoday.info/index.php?pid=54066 list. But business owners should keep in mind how many hours they’ll need to pay out in the future. An […]