Category: Bookkeeping

The distinction between fixed and variable costs is important for several reasons. Fixed costs are costs that remain the same regardless of the level of production or activity. It is important for manufacturers to understand and manage manufacturing overhead because it can have a significant impact on the cost of…

Posting in accounting refers to the process of transferring entries from the journal to the appropriate accounts in the general ledger, enabling the organization and tracking of financial transactions. Transposition errors, where digits are accidentally reversed, can also pose significant challenges. For instance, recording $1,234 as $1,243 can lead to…

I understand that I can go through the register and un-check the reconciled ones one-by-one, but I don’t know where to stop? How do I determine which transactions need to be individually un-reconciled in order to roll back my last months reconciliation? It seems that it would be a lot…

Explore cloud and desktop-based accounting software with subscription and perpetual licensing options like AccountingSuite, Xero, TallyPrime, and Striven. We tested the top web-based accounting software for small businesses and mid-sized companies, i.e. And you can check out the best free accounting software for small businesses to find even more cost-effective…

Petty cash can be a convenient way for businesses to handle small expenses, but it is important to keep track of all expenditures to avoid overspending. I rang up a $95 pair of yoga pants correctly for $95, but I miscounted the cash I received for the pants. The customer…

By adjusting transactions, users can ensure that their financial data aligns with the actual bank activity, minimizing errors and enhancing the overall reliability of the financial statements. Then, input the closing balance from the bank statement and ensure that all transactions are accurately reflected. This process is essential for maintaining…

These steps integrating with adp workforce now 2021 can vary depending on what accounts you are reconciling, but the underlying premise is always the same – compare your ending balance against supporting documentation and make any adjustments as needed. Cash accounting is the easiest way to manage your accounting, and…

Most European countries and Canada have a consumption tax system in the form of VATs, or value-added taxes. In Canada, the VAT is referred to as a goods and services tax (GST) in some provinces, and a harmonized sales tax (HST) in others. The U.S. government used a consumption tax…

The team you hire is already experienced and trained, and their ongoing training is not your concern, which further reduces your expenses. The outsourced team already uses advanced software and technology, which allows you to benefit from the latest tools at a fraction of the cost you would incur if…