Category: Bookkeeping

This classification ensures that the financial statements accurately reflect the donor’s intentions and the organization’s ability to use the funds. For instance, a grant designated for a specific program must be reported as temporarily restricted until the program’s objectives are met. This level of detail not only aids in internal financial management but also provides…

When a board member asks for a cash flow statement, usually it’s because you’re losing cash. Compared with Feeding America and Save the Children, the financial statements used in this report are easier to follow and provide fewer details. Instead, you’ll be reporting on net assets and how you use funds to advance your mission.…

This recording is done by listing journal entries into the journal. The business accounting cycle is a multi-step process that records and analyses your financial information. In explaining the rules of debit and credit, we recorded transactions directly in the accounts. Check out our next article, “Accounting System and Its Key Components,” where we will…

Single-entry bookkeeping is an accounting system where transactions are recorded through one entry only. When the business creates an invoice, the corresponding entry is automatically posted to the respective ledger account for Accounts Receivable, Sales, Cash, etc. As you can see, on the Journal Entry section you are able to view, create, and manage all…

If you don’t pass the first time, you may retake the test up to three times. By obtaining this certification, ProAdvisors can demonstrate their commitment to professional development and their capability to deliver superior accounting services to clients using QuickBooks Desktop. With this certification, ProAdvisors can establish themselves as trusted advisors, attracting more clients and…

To start your journey, explore resources provided by QuickBooks or consult additional materials from educational and governmental websites to understand the best certification paths suited to your goals. Shubhnoor is a data analyst with a proven track record of translating data insights into actionable marketing strategies. She leverages her expertise in market research and product…

The customers must have resale certificates to be exempt from paying sales taxes. Buying a used car is an exciting process, but one crucial factor often overlooked is the sales tax you’ll owe on your purchase. Our Used Car Sales Tax Calculator takes the guesswork out of the equation, helping you understand the full cost…

This is because it depends on your industry, your small business’s age, and stability and the goals set for the future of business. Good net income indicates that a small business is financially stable, with enough money left over to pay their bills. It also provides useful insight into whether a small business is likely…

Debt can be scary when you’re paying off college loans or deciding whether to use credit to… Learn more about how to prep yourself for an SBA loan that can help grow your business and have cash reserves so that you can build better product experiences. In a perfect world, companies would use the times…

Part III of Form W-8BEN-E is used to claim a reduced treaty rate and requires the claimant to specify how the claimant meets any requirements. Due to the complexity of the W-8 form, many who are required to fill it out work with a professional, such as an income tax preparation service, to do so. Beyond…