Bookkeeping

How to Know if You Need Records Management? Most front-office records have complex lifecycles and require strong information governance programs to identify and protect the information for ongoing value. Organizations often want to keep these records longer than required because they can inform future business strategies. For example, a retailer might want to keep customer […]

Hence, we need to credit the manufacturing overhead account instead to zero it out. This means that without the adjustment, the manufacturing overhead account will have a how puerto ricans are fighting back against using the island as a tax haven credit balance of $500 at the end of the period. Hence, we need to […]

Payflow Pro, on the other hand, would give you PayPal’s payment gateway features without the accompanying payment processing capabilities. This is what you choose when you want to integrate PayPal with a different payment processor. Lastly, you can find credit card processing reviews online to see how each payment processor compares so you can choose […]

However, it can quickly become overwhelming if you need to fill out multiple receipts in a day. In the U.S., both digital and paper receipts are accepted for IRS compliance, as they are both clear and legible. Business owners should store these receipts for at least 3 to 7 years, depending on the expense type. […]

By leveraging Xero’s standard costing, manufacturers can streamline cost accounting processes and identify opportunities to optimize production spend. With up-to-date data, manufacturers can make informed decisions to optimize production planning and cost control. On the other hand, what Xero was made for – accounting – it does impeccably. Using accounting software enables companies to achieve […]

How to Identify and Correct Transposition Errors? Errors in Original Entry FAQs If such difference can be divided exactly by 9, the error would be the errors of transposition. Understanding the causes and implementing appropriate solutions for transposition errors is crucial for maintaining data accuracy and preventing potential consequences. By adopting these practices, businesses and […]

Even if the expense wasn’t actually paid during the year, the expense should be recorded with an accrued expense journal entry and matched with the corresponding income. Expenses that are incurred but not paid are called accrued expenses. Some of the most commonly accrued expenses are rent, utilities, and payroll. Utility bills often involve expenses […]

This makes it easier to record regular transactions in the new period without having to consider the previous period’s adjustments. For example, when you record your regular payroll entry in January, you don’t need to worry about separating out the portion of wages related to December. Using the same wage example, that $10,000 also shows […]