Bookkeeping

ContentInactive Credit Card: Use it or Lose it?What is a trial balance used for?I am at or over 5/24. Can I get a card from another bank?The Best Places to Save Money and Earn InterestWhen to avoid closing a credit cardClosing Entries With another credit card, it may also be possible to minimize any blow to your credit in the future if an

ContentWhy Accounting Is ImportantStep 2: Find the Best Legal Accounting Software for LawyersFor the Record NewsletterHow to Choose an Accounting Software for Your FirmA Guide to Legal Trust Accounting in QuickBooks and Clio for Lawyers If the attorney pays the fees for a client or matter (direct costs) but he or she pays them out of the IOLTA or trust bank account, they

Once you’ve determined which assets are worth depreciating, you’ll want to estimate about how many years you’ll use those assets before replacing or selling them. The cost of those items will then be spread out over that period of time in your books. Instead of what is budgetary control recording an asset’s entire expense when it’s first bought, depreciation distributes the expense

In essence, it reconciles the balance sheet and income statement to determine the financial position of your business. Relying on only booking and billings for assessing performance means that you may be looking at inflated numbers. A more accurate way is to keep tabs on recognized revenue, which is the actual amount earned by the business in exchange for the product

One of the most common is that paper vouchers are inherently less secure than other methods, leading many businesses to issue plastic cards instead. While vouchers are a popular method of payment for both consumers and businesses, there are numerous misconceptions around the various types of vouchers. Another type of voucher is a prepaid debit card, which can be used in much

ContentControlling and Reporting of Real Assets: Property, Plant, Equipment, and Natural ResourcesDiscarding a Fixed Asset (Breakeven)Collection of the sale priceDisposal of PP&E There are certain procurement procedures when the fixed assets are purchased. Suppose a $90,000 delivery truck with a net book value of $10,000 is exchanged for a new delivery truck. The company receives a $6,000 trade‐in allowance on the old truck

This lets you determine if the provider matches your security standards before you outsource work. Outsourcing accounts payable takes most of this workload off of your AP team supervisor. Even if some employees are absent, the stress of covering up does not land on a sole supervisor. Additionally, since the outsourcing team only works on your accounts payable, they can deliver results