Category Archives: Bookkeeping

Creatively, I was stifled, but more than that, the company culture didn’t match my values. I made the bold decision to leave without having another job, and that instead, I was going to launch a career advice podcast to go along with my book, LEAVE YOUR MARK. All fine and good, but then I realized […]

This blogpost only scratched the surface on IRS Form 941. There’s even more to know about the form, reporting schedules, corrections, and other forms and taxes that must reconcile with Form 941. Investing in a payroll resource guide can be an excellent way to keep up to date with all the changes and adjustments. Note […]

If the payee says the check was never received, the company should issue a replacement check for $124 and send it to the payee. The replacement check for $124 should be credited to the company’s general ledger Cash account and also debited to the same Cash account since the original check is being eliminated. An […]

EAs and CPAs are both knowledgeable, experienced professionals who are required to maintain high ethical standards. The primary difference between an EA vs CPA is that EAs specialize in taxation, and CPAs https://www.bookstime.com/ can specialize in taxation and more. When you’re looking to hire a tax professional, you want someone knowledgeable — someone you can […]

Create a reliable system for storing this information, or invest in a tool that does it for you. A rejected claim means the insurance company found an error with your claim. Once a patient is registered, you’ll need to determine what treatments are covered by their insurance plan. Safeguarding the privacy and confidentiality of their […]

But with so many options for these services, how do you choose the right one for your business’s specific needs? In this guide, we’ll go over the best accounting software in 2024, including benefits, prices, applications, and more. Many accounting software packages allow third-party application integrations. In a service-based business, a time-tracking application could integrate […]

These are all expenses that go toward a loss-making sale of long-term assets, one-time or any other unusual costs, or expenses toward lawsuits. A business’s cost to continue operating and turning a profit is known as an expense. Some of these expenses may be written off on a tax return if they meet Internal Revenue […]

There are two main types of free on board freight with several sub-designations, including FOB destination and FOB shipping point. In North America, the term “FOB” is written in a sales agreement to determine when the liability and responsibility for the shipped cargo transfers from the seller to the buyer. When it is indicated as “FOB Origin,” […]

If that derivative is used as a hedging tool, the same treatment is required under IAS 39. However, this could bring plenty of volatility in profits and losses on, at times, a daily basis. Yet, hedge accounting under IAS 39 can help decrease the hedging tool’s volatility. However, the treatment of hedge accounting for hedging […]

In the next section, we will explore how you can tailor the chart of accounts specifically for law firms, including categories for revenue, expense, trust accounts, and client costs and expenses. A chart of accounts in a law firm consists of key components like assets, liabilities, revenue, and expenses. Each category contains specific accounts representing […]