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These GAAP differences can also affect the composition of costs of sales and performance measures such as gross margin. If you are using an inventory management software or online inventory tracker, you will always have access to all inventory records that were updated since you first started using the platform. For the proper management of… Continue reading Journal entries for inventory transactions

Rs. 50 lakh is the highest amount that can be invested in 54 EC bonds. Certain government bodies or organizations issue these bonds as financial instruments in order to give investors a tax-saving option for their investments. The purpose limitations of trial balance of these bonds is to provide investors with long-term capital gains exemptions… Continue reading 54EC Bonds: Capital Gain Bonds Features & Benefits

That equated to the largest month-over-month decrease since April 2020, as much of the country was in lockdown to combat Covid. His comments came ahead of the release of December’s jobs report on Friday, which showed the labor market was considerably hotter-than-expected. Some argue that will push back on any soon-to-come Fed pivot this year,… Continue reading Basis Points BPS Finance Unit of Measurement 1 100th of 1%

We try to create forms and instructions that can be easily understood. Often, this is difficult to do because our tax laws are very complex. For some people with income mostly from wages, filling in the forms is easy. For others balance sheet taxes and pensions who have businesses, pensions, stocks, rental income, or other… Continue reading Understanding Schedule 1 1040: A Comprehensive Guide for Tax Filers

The owner’s investments in the business typically come in the form of common stock and are called contributed capital. There is a hybrid owner’s investment labeled as preferred stock that is a combination of debt and equity (a concept covered in more advanced accounting courses). The company will issue shares of common stock to represent… Continue reading The Expanded Accounting Equation Explained

This is the final point in that line of thinking that’s really the icing on the cake. A bookkeeper who records numbers perfectly and looks to make sure the data is complete is already great. But a bookkeeper who goes the extra mile to look for ways to improve is a gem. This kind of… Continue reading Important Skills for Bookkeeping Jobs

This gives your clients a better experience, and helps you grow from small business owner to effective team manager as you add more staff. You will probably need to assist with linking accounts to your client’s QuickBooks. However, doing so means that you will spend significantly less time on data entry and will provide more… Continue reading A Clear & Complete Client Onboarding Workflow for Quickbooks

They helped me catch up on over a year of lackadaisical sloppy data entry. If your monthly average is $50,001 or more, the monthly price for QuickBooks Live is $400. If your monthly average is $10,001-50,000, the monthly price for QuickBooks Live is $300. If your monthly average is $0-10,000 per month, the monthly price… Continue reading QuickBooks 2016 vs 2018: Features and Comparisons

When a consumer holds money in a checking account, the consumer is asking to have their money on demand to pay for expenses. At a given notice, the consumer may need to pull out their debit card, buy groceries, and draw down their checking account. For this reason, checking accounts often have the lowest APY… Continue reading Interest Rate Statistics U S. Department of the Treasury