Bookkeeping

The material cost is the cost incurred for purchasing materials that are essential for the manufacturing process. These costs are classified as direct or indirect costs based on their traceability to the product. They’re direct costs if the raw material used to manufacture the product is one of the essentials and is directly used in the product. For [...]

QuickBooks goes beyond accounting with what is capital definition types and structure 750+ integrated apps, streamlining everything from payroll to customer relationships. This eliminates the need for multiple platforms, reducing time and effort while empowering smarter business decisions. Xero Growing is designed for growing businesses, offering everything in Early, plus bill management tools, additional invoicing, [...]

Regularly updated invoices give you a clearer picture of cash flow. With a clear picture of your cash comes the ability to make better business decisions and avoid falling behind on outstanding payments. If you have an accountant, you can seek their help with this decision. However, if you are your own bookkeeper then we [...]

Armed with a comprehensive understanding of the discrepancies and their underlying causes, practitioners proceed to the pivotal stage of adjustment and reconciliation. This involves making targeted adjustments to the financial records to align them with the actual results obtained during the reporting period. A true-up in accounting refers to the process of making adjustments to [...]

For reference, the chart below sets out the type, side of the accounting equation (AE), and the normal balance of some typical accounts found within a small business bookkeeping system. Since cash was paid out, the asset account Cash is credited and another account needs to be debited. Because the rent payment will be used [...]

This list is often called the accounts payable trial balance (or a schedule of accounts payable). Follow New York Times Books on Facebook and Twitter (@nytimesbooks), sign up for our newsletter or our literary calendar. The Times has expanded to several other publications, including The New York Times Magazine, The New York Times International Edition, [...]

They do not include obligations from transactions outside operating activities. It allows them to process those items and sell them before potentially paying off their purchase costs. This way, they can generate revenues and use those proceeds to reimburse the supplier. For this process, the accruals concept in accounting applies to purchases like sales. The [...]

One of the expenses that are not as talked about is the concept of making international payments. Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA [...]

ContentWhich retail accounting software is right for you?Compare the best bookkeeping software for small businessesBuild your dream business for $1/monthSee advice specific to your businessFind the best Retail Accounting Software That helps with organization and provides a holistic view of inventory across all locations, saving time and money. In other words, retail accounting is a [...]

It’s important to debunk the biggest myths and set the record straight. Forming a corporation has its challenges, but understanding the realities can help you make an informed decision. Public corporations are regulated by federal law through the Securities and Exchange describe some of the advantages of forming a business as a corporation. Commission (SEC). [...]