Conventional or retail sales taxes are only charged to the end user of a good or service. Most of these taxes apply only to the amount charged to the ultimate consumer of the product or service. The items subject to these taxes and the...
As a sole proprietor, there’s no separation between your personal and business assets and expenses. You are personally responsible for all your business’s sole proprietorship debts and obligations. As we mentioned above, states require LLCs and other business entities to register with the state...
Bookkeepers are usually responsible for documenting or checking financial data for a company or client, including checks received or written, invoices, cost spreadsheets, and monthly or quarterly revenue. A bookkeeper is skilled at keeping documents and tracks a wide net of financial information. As a...
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See Intuit guides to converting to QuickBooks Online from QuickBooks for Mac, Pro, any Premier Edition or Enterprise Solutions. The best way to attack an account transfer is to first create a transfer in QuickBooks, as the below media demonstrate. Then, when that...
When the bill is actually paid in January, the bookkeeper must remember that the expense was already recorded in December. The current entry would be to debit the accrual expense account and debit cash. As the name suggest, reversing entry is recorded by reversing the accounts nature....
It is at this point that payroll liability is debited and cash is credited to reflect the satisfaction of the debt. These deductions turn one’s gross income (pay before deductions) into net income (salary post deductions). They are current liabilities that must be paid within...
Preferred stock shares may include aspects of both debt and equity instruments, making them somewhat of a hybrid stock form. And again, looking at the company’s track record of paying dividends might guide us. Preferred shares can be converted to a fixed number of common...
Selling on account is popular in all industries and is most frequent between manufacturers and retailers. In an effort to increase sales, manufacturers usually allow retailers 30 days to pay for goods that are purchased. This means the retailer can buy products from their vendors at the beginning...
Inventory—which represents raw materials, components, and finished products—is included in the Current Assets account. However, different accounting methods can adjust inventory; at times, it may not be as liquid as other qualified current assets depending on the product and the industry sector. This section is...