Category: Bookkeeping

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…

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…

This is especially important for any foreigner who plans to establish financial ties in the US by opening US bank accounts for foreigners. Individuals must sign their own form, while an entity’s form must be signed by an officer or representative with authority to act on its behalf. The following are the five types of…

The IRS Section 280E has become the biggest taxation-related challenge for medical marijuana businesses. For example, you can create specific accounts for cultivation, costs, retail sales, product manufacturing, regulatory fees, and compliance expenses. Failure to comply with these guidelines may result in severe penalties and major legal repercussions, which can range from hefty fines to…

While performing such audits may be somewhat inconvenient for staff, it enables the CEO or manager to get a precise snapshot view of the day-to-day operations in action, and whether or not standards are being met. It’s Accounting for Marketing Agencies complicated for licensees who need to comply with how their particular state tells them…