Though we live in an age where most of our banking can be done digitally, there are some instances when you’ll be asked to provide your bank information using a blank check. And anyone who has ever written out a…

These accounts help you in organizing the General Ledger Accounts properly and recording transactions quickly. Thus, various adjusting entries include entries for accrued expenses, accrued revenues, prepaid expenses, deferred revenues, and depreciation. This is because you or accounting professionals are…

If you are early in your career or expect your income level to be higher in the future, this kind of account could save you on taxes in the long run. Your W-4 impacts how much money you receive in…

We can complete accrual adjustments like tracking accounts receivable and/or accounts payable, unearned revenue tracking, and more with our specialized accounting add-on. If we are recording accrual adjustments for you, revenues and expenses are recorded when they’re earned throughout the…

When the $700,000 of overhead applied is divided by the estimated production of 140,000 units of the Solo product, the estimated overhead per product for the Solo product is $5.00 per unit. The computation of the overhead cost per unit…

If your accounting software is rounding to the nearest dollar or thousand dollars, the rounding function may result in a presentation that appears to be unbalanced. This is merely a rounding issue - there is not actually a flaw in…

Set your business up for success with our free small business tax calculator. Only work with tax preparers you've thoroughly researched and avoid ones who claim they can you get larger refunds than other preparers. Taxpayers must access these options…

Assets must be properly valued (fair value) in accordance with GAAP prior to testing. Groups of similar assets should be tested together, with the testing set at the lowest level of identifiable cash flows considered independent of other assets. Testing…

Two prevalent methods to determine the uncollectible accounts are the percentage sales method and the accounts receivables aging method. The purpose is to prepare the business for bad debts and get a realistic picture of the percentage of accounts receivables…

This invoice template can be used for billing or as a sales receipt to document a completed transaction. The invoice includes unit prices, item numbers, shipping details, and more. Keep track of the invoice using the customer or invoice numbers…