How to Process Credit Card Payments in QuickBooks Online
4Vendor Pay by BILL is an accounts payable solution developed by BILL and American Express for our joint customers. Vendor Pay by BILL is a distinct product, and may have different features and capabilities, from other BILL offerings. To enable your employees to manage AMEX transactions effectively, you can grant them appropriate user permissions in […]
Accounting Equation Explained: Formula & More
It can be defined as the total number of dollars that a company would have left if it liquidated all its assets and paid off all of its liabilities. Properly classifying liabilities and expenses is key to assessing your company’s short- and long-term financial health. They’re also essential to understanding its performance and ensuring accurate […]
Understanding Nominal Accounts: Purpose, Types, and Examples
Real accounts are those accounts that represent real or physical assets, liabilities, and equity. They are used to record transactions related to tangible and intangible assets, such as cash, equipment, inventory, investment, goodwill, and debt. Real accounts are also used to record transactions related to liabilities, such as accounts payable, loans payable, and taxes payable. […]
Understanding Financing, Operating and Investing Activities: The Cornerstone of Procurement Success
The cash flow statement includes cash made by the business through operations, investment, and financing—the sum of which is called net cash flow. The first section of the cash flow statement is cash flow from operations, which includes transactions from all cash flow statement operating financing investing activities operational business activities. It includes cash receipts […]
How to Do Accounting for Your Construction Business 8 Steps
The estimated wall size is 100 square feet, so the initial projected cost is $1500. However, the final price will depend on the actual size of the wall measured upon completion. The unit price remains fixed, but the total cost adapts to the final quantity. If this represents 30% of the total estimated costs, the […]
Cost of a bookkeeper for small businesses
Marketing the services that add value to your clients outside of your typical responsibilities is a great way to increase revenue. You can take into account the client, the how much does a bookkeeper cost job type, your experience, along with many other factors to give a fair quote. Asking yourself these questions is vital […]
Breakeven Point: Definition, Examples, and How To Calculate
Therefore, what is cost principle given the fixed costs, variable costs, and selling price of the water bottles, Company A would need to sell 10,000 units of water bottles to break even. Therefore, ABC Ltd has to manufacture and sell 100,000 widgets in order to cover its total expense, which consists of both fixed and […]
Fixed Assets Turnover Ratio: How to Calculate and Interpret
The ratio compares net sales with its average net fixed assets—which are property, plant, and equipment (PPE) minus the accumulated depreciation. By doing this calculation, we can determine the amount of income made by a company per dollar invested in net fixed assets. Fixed asset turnover ratio compares the sales revenue a company to its […]
Nonprofit Accounting Basics: Net Assets
This procedure is discussed in another article , “Reclassing Net Assets in QuickBooks”. A balance sheet is a financial statement that provides a snapshot of a non-profit organization’s financial health at a specific point in time. Assets represent what the organization owns, liabilities represent what it owes, and net assets represent the organization’s equity or […]
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They were able to take a lot off my plate, allowing me to focus more on providing excellent service to my clients. This process involves matching your business’s financial records with bank statements to ensure accuracy. Regular bank reconciliation helps in identifying discrepancies early and ensures that your books are balanced. Sign up today and […]