At the start of February, you need to record the first month of service as income. Think of it as a customer paying for monthly service, but you already have the money. This decreases your unearned revenue liability because you performed the service. Even though a payment has been received it is not considered income […]
The diverse range of features, as well as the name recognition, makes PayPal a good option for merchants to consider. Square is more geared towards in-person transactions and may be a better fit if this is the majority of your transactions. Meanwhile, PayPal is the most widely recognized processing platform for e-commerce, and the name […]
Once retained earnings are reported on the balance sheet, it becomes a part of a company’s total book value. On the balance sheet, the retained earnings value can fluctuate from accumulation or use over many quarters or years. Revenue on the income statement is often a focus for many stakeholders, but the impact of a company’s revenues affects […]
Before you can apply for an exam section, you’ll need to apply with your state Board of Accountancy to ensure you meet the education requirements. This one-time fee varies depending on your state, but it’s typically between $50 and $200, though it may be as much as $300. Working with an adviser may come with […]
If the variance just occurred once, you probably don’t have to worry about revising your budget, but if it looks to be a more permanent issue, it’s best to make some changes. For many years, assessing budget vs. actuals outcomes was tedious, time-consuming, and required many manual inputs. However, with next-generation FP&A tools that exist […]
Accurately accounting for closing costs ensures a comprehensive understanding of the financial implications of the transaction, shaping the investor’s net profit. Tax deductions for house flipping can be complex, and it is advisable to consult a tax professional specializing in real estate. However, for taxable accounting guidelines for contingent liabilities incomes surpassing these limits, a […]
It doesn’t work properly, and then there is no recourse when you need help because customer service is an AI bot. Just get a notebook and use your bank account statement, save your reciepts, and do the best you can. Also, no way to reach a real human now for customer service. To upgrade to […]
With the appropriate level of automation integration in your chosen tool, you can pull the relevant values into these individual accounts directly from invoices, credit agreements, and other documentation. For the past 52 years, Harold Averkamp (CPA, MBA) hasworked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. For the […]
The concept is that a dollar today is not worth the same amount as a dollar tomorrow. You must always think about future money in present value terms so that you avoid unrealistic optimism and can make apples-to-apples comparisons between investment alternatives. Knowing how to write a PV formula for a specific case, it’s quite […]
The percent of sales method is one of the quickest ways to develop a financial forecast for your business — specifically for items closely correlated with sales. If your business needs a very rough picture of its financial future immediately, the percent of sales method is probably one of your better bets. Now Jim has […]
