Category: Bookkeeping

You can also generate more accurate financial statements when you use the Accrual method. PayHOA is the single portal where you can connect directly with the needs of your homeowners. Your residents can use PayHOA to make online payments, view their payment history and important documents, submit requests, and access important updates, streamlining management for… Continue reading HOA Accounting Best Practices for Financial Management

Adjusting entries in accounting are not just a mere formality but a critical practice for ensuring the accuracy of financial statements. These entries, made at the end of an accounting period, play a pivotal role in aligning the financial records with the actual financial activities of a business. This article delves into the world of… Continue reading Adjusting Entries in Accrual Accounting: A Definitive Guide For Businesses

These types of accounts have the opposite accounting effect on your books than bank (or asset) accounts do. Because of this, the Bank Balance column for these accounts will normally be negative. What you want to look at is the Balance column and make sure that is correct (positive). However, the business enterprise will record… Continue reading Solved: Why would the Bank Balance be different than the Register Balance after a successful Reconciliation?

Therefore, an adjusting entry must be recorded as of December 31 to credit Prepaid Expenses for $1,000 and to debit Insurance Expense for $1,000. For example, assume ABC Company purchases insurance for the upcoming twelve month period. ABC Company will initially book the full $120,000 as a debit to prepaid insurance, an asset on the… Continue reading Adjusting Entry for Prepaid Expense

BF boasts a team with tax expertise of current and proposed tax laws, meaning they provide Phoenix tax services as well as tax services spanning internationally. This is backed by their association with the Leading Edge Alliance, allowing them to consult on multi-state and international tax issues. You can count on us for professional, timely,… Continue reading Online Business Accounting Degree Program

And when you want a big-picture view, head to the Reports section, where you can create your custom reports in addition to the five that are already in place. It’s great for a quick overview or to make important business decisions—because yes, we’re self-employed, but we’re running a business all the same. The user interface… Continue reading Bookkeeping for Independent Contractors: Everything You Need to Know

The rise of modern technology and the propelling of the financial industry into the modern age has fully rendered manual data entry on balance sheets and spreadsheets obsolete. With a vast array of cutting-edge bookkeeping software available online, it revolutionized the way we rely on data and its security. BooksTime uses the best and secure… Continue reading BooksTime Review: A Trustworthy Bookkeeping Firm For Small Business