Bookkeeping

ADP National Employment Report: Private Sector Employment Decreased by 301,000 Jobs in January

As a practitioner you can create report schedules to automatically generate specific reports at specific times in the future. Any report that you save in your My Reports list on the Reports – Home page can be scheduled as an automated report. You can always edit the settings of a personalized report and then save the report with the same name. You can also use one of your own reports as a template to create a similar report with slightly different settings. Midsize establishments, with between 50 and 499 employees,…

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Bookkeeping

Paperless Invoice Management Digital AP Invoice Solutions

Magazine and the founder of ProsperBull, a financial literacy program taught in U.S. high schools. Invoicing software that includes reports, prebuilt or custom, can be an eye-opening feature for businesses. With analytics, you can collect data that will help you make future business decisions. You may discover most of your clients pay invoices from their mobile phones or that your customers rarely check payment reminders. Service-based businesses rely on time tracking tools to keep a running tab on billable and nonbillable hours to use for invoicing. When time tracking is…

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Bookkeeping

LIFO Calculator for Inventory

Industries like oil & gas, automobiles, and various ores often follow the LIFO model. For instance, if a company deals in perishable products, sensitive items that could be damaged by long storage, or fashion items that quickly become dated. Since LIFO expenses the newest costs, there is better matching on the income statement. This affects the overall valuation of the company, which is critical if an IPO is imminent. If you have a look at the cost of COGS  in LIFO, it is more than COGS in FIFO because the order…

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Bookkeeping

For the first-time homebuyer credit, how would the IRS know if I sold the home?

The needs of today’s buyers are different compared to the Obama-era program. The program modifies tax code leftover from the 2009 Obama-era $8,000 First-Time Homebuyer Tax Credit, which more than 2.6 million renters used to buy their first home. Direct assistance for first-time buyers weaves throughout each of these themes. Congress introduced the First-Time Homebuyer Act on April 28, 2021, to make homeownership more affordable for low- and middle-income Americans. If you pay them directly to the municipality, though, check your records or your checking account. If you have been…

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Bookkeeping

First in, first out method FIFO definition

For the 200 loaves sold on Wednesday, the same bakery would assign $1.25 per loaf to COGS, while the remaining $1 loaves would be used to calculate the value of inventory at the end of the period. It is an alternative valuation method and is only legally used by US-based businesses. The obvious advantage of FIFO is that it’s the most widely used method of valuing inventory globally. It is also the most intuit terms of service accurate method of aligning the expected cost flow with the actual flow of…

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Bookkeeping

Allowance for Bad Debt: Definition and Recording Methods

At a basic level, bad debts happen because customers cannot or will not agree to pay an outstanding invoice. This could be due to financial hardships, such as a customer filing for bankruptcy. It can also occur if there’s a dispute over the delivery of your product or service. The aging of receivables method is also known as the accounts receivable aging method or historical percentage method. Then different percentages are applied as per the aging period reflecting the probability of the collection and creating the allowance for doubtful accounts.…

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Bookkeeping

Is Interest Payable a Current liability?

Even though the overall $100,000 note payable is considered long term, the $10,000 required repayment during the company’s operating cycle is considered current (short term). This means $10,000 would be classified as the current portion of a noncurrent note payable, and the remaining $90,000 would remain a noncurrent note payable. Common current liabilities include accounts payable, unearned revenues, the current portion of a note payable, and taxes payable. Each of these liabilities is current because it results from a past business activity, with a disbursement or payment due within a…

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Bookkeeping

Is Interest Payable a Current liability?

Even though the overall $100,000 note payable is considered long term, the $10,000 required repayment during the company’s operating cycle is considered current (short term). This means $10,000 would be classified as the current portion of a noncurrent note payable, and the remaining $90,000 would remain a noncurrent note payable. Common current liabilities include accounts payable, unearned revenues, the current portion of a note payable, and taxes payable. Each of these liabilities is current because it results from a past business activity, with a disbursement or payment due within a…

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Bookkeeping

How to Find a Small Business Accountant

I always start tax prep at the end of December, but doing so felt especially important this year. Although I paid five figures in estimated taxes during 2023, I still want to get a jump on preparing our taxes in case there’s an unexpected balance. If you made a payment as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. In some situations, if you received a payment as a small business or self-employed (individual), you may be required to file an information…

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Bookkeeping

Best Bookkeepers in Philadelphia Pennsylvania Bookkeeping Services

Our bookkeeping team is trained on the most widely used accounting software packages. With Complete Controller you get the support you need, when you need it, at a price you can afford. Let Complete Controller, Philadelphia, handle your bookkeeping, financial document storage, payroll, bookkeeping services philadelphia and worker’s comp insurance. We are your complete back office so you can spend your time doing what you love. Referred by more CPAs than any other Philadelphia bookkeeper, Complete Controller helps you to arrive at year end with accurate, tax ready bookkeeping and financial…

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Bookkeeping

Beer Alert: New Small Batch Releases And Blended Red Ales

Moreover, the brewing process enables the finished ale to have a characteristic reddish color. The malt will also have a slight roastiness, which can be used in moderation to achieve the proper balance for this beer style. The distinguishing factor between a Red Ale and other styles of beer is that it has a dry, crisp, and hoppy finish. Or Red Ales are maltier than other beers, but should not be sweet. Each value is entered twice in such a way that keeps the equation balanced. The last two, revenues…

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Bookkeeping

What is The Accounting Equation

Shareholders’ equity is the total value of the company expressed in dollars. Put another way, it is the amount that would remain if the company liquidated all of its assets and paid off all of its debts. The remainder is the shareholders’ equity, which would be returned to them. In other words, the total amount of all assets will always equal the sum of liabilities and shareholders’ equity. The double-entry practice ensures that the accounting equation always remains balanced, meaning that the left side value of the equation will always…

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