Expert Information on Accounting Profession: Bookkeeping, Audit, TAX & VAT
Scenario Overview: Emily is a small business owner managing her company’s finances in QuickBooks Online (QBO). Each month, she pays off her business credit card using her bank account. However, Emily is unsure how to correctly record the transaction in QBO. She wants to know if the transaction should be classified as a credit card…
Scenario Overview: Sandie Gorst, a bookkeeper for a local furniture store, has the task of adjusting the store’s inventory weekly. She receives an updated balance of the store’s inventory asset from her client and must create a journal entry (JE) to account for the change. However, she struggles with determining the correct debit or credit…
Meet Sarah, a seasoned accountant with years of experience managing small and medium-sized businesses. One day, a potential client approached her with an interesting situation. The client owned four related businesses, all connected through various operations. One of the businesses, a real estate LLC, rented property to another, and while they all seemed intertwined, each…
Many accounting guys asking the question – “what is the normal balance of accounts payable? The answer is credit. In this article, we’ll delve into the concept of accounts payable, explore why its normal balance is credit, and provide practical examples to enhance your comprehension. What is Accounts Payable? Accounts payable (AP) is a liability…
In the intricate world of accounting, mastering the basics is crucial for maintaining accurate financial records. One common area that often raises questions is what is the normal balance of sales returns and allowances? The answer is- Debit. In this blog post, we’ll delve into the concept, demystify its normal balance, and equip you with…
Starting bookkeeping for your small business might seem like a daunting task, but with the right approach, it can be a manageable and crucial aspect of managing your finances. In this comprehensive guide, we’ll walk you through the essential steps to initiate bookkeeping for your small business, helping you maintain accurate financial records and make…
In the fast-paced world of business, efficient financial management is key to success. GoDaddy Bookkeeping is a powerful tool that can streamline your accounting processes, providing a user-friendly platform for managing your business’s finances. In this blog post, we’ll walk you through the steps on how to use GoDaddy Bookkeeping effectively, ensuring that you make…
Efficient bookkeeping is the backbone of a successful business, and when it comes to managing accounts payable, mastering the art of double-entry bookkeeping is essential. In this comprehensive guide, we’ll walk you through the ins and outs of handling accounts payable using the double-entry system, ensuring accuracy, compliance, and a clear financial picture for your…
Being self-employed comes with its own set of challenges, and one crucial aspect that often demands attention is bookkeeping. While the thought of managing your finances might seem overwhelming, mastering the basics of bookkeeping can be a game-changer for your business. In this blog post, we’ll walk you through the essential steps of basic bookkeeping,…
In this blog post, we’ll delve into the depths of returned merchandise journal entries, breaking down the process step by step to demystify this essential aspect of accounting. What is Merchandise? Merchandise refers to goods or products that are available for sale or trade, often in a retail setting. It includes items that are meant…