Bookkeeping

Each account is assigned a unique number for easy identification and reporting of financial transactions. The accounts are grouped into categories or segments, such as assets, liabilities, equity, revenue, and expenses. The transportation and logistics industry’s COA may differ from other industries due to its distinct operational nature, fleet management, and specific income and expense […]

Each account is assigned a unique number for easy identification and reporting of financial transactions. The accounts are grouped into categories or segments, such as assets, liabilities, equity, revenue, and expenses. The transportation and logistics industry’s COA may differ from other industries due to its distinct operational nature, fleet management, and specific income and expense

For example, an account holder has a 401(k) funded with 20% pre-tax dollars and 80% post-tax dollars. As a result, withdrawals will consist of 20% taxable and 80% non-taxable money. Another common situation when you will experience prorating is when you rent a property (e.g., apartment, office). You may be surprised how often we use

Keeping track of car mileage and expenses used for business purposes could add up in tax deductions or reimbursements. It’s important to keep impeccable records to take advantage of the deduction for 58.5 cents per mile in 2022. To get the most out of the expense side of your accounting software, you’ll want to look

Neglecting this essential step leaves your company’s finances open to manipulation and potential fraud. Even the smallest businesses need a system that reduces accounting errors and simplifies bookkeeping procedures. Any increases in the assets, expenses, incomes, or liabilities of the group companies can be normalized, which may arise as a part of the intercompany flow.

It can uncover a history of financial losses, the inability to raise proper funding, bad company management, or non-payment of fees and taxes. Insolvency is not the same as bankruptcy, although a company that has become insolvent may file for bankruptcy. Insolvency is the state of not being able to pay your obligations while bankruptcy

Cash flow in conjunction with profit will determine how well your business will perform. Business conditions are constantly evolving, and you need to be flexible enough to adjust to these changes. Rapid and unexpected changes in markets can have negative effects on your cash flow. For example, the current economic climate is causing businesses to

A “gain” would cause the OCI account to increase (credit), while a “loss” would cause the OCI account to decrease (debit). Other comprehensive income is also not the same as “comprehensive income”, though they do sound very similar. Comprehensive income adds together the standard net income with other comprehensive income. Charlene Rhinehart is a CPA ,

GoSystem Tax RS does not currently offer a portal directly within the application, though it does integrate with the NetClient CS Portal. The portal offers easy document exchange between clients and firms, with clients provided secure access to the portal, where they can upload or download documents at any time. Data importing options are also

From 1 January 2024, workers can no longer accrue COVID carryover leave. Workers will still be able to use the leave they accrued prior to 1 January 2024 before or on 31 March 2024. Previously, workers could carry over untaken leave into the next 2 years if they could not take it because their work