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Bank Reconciliation: Purpose, Example, Process
A bank reconciliation is part of the month-end close process, which includes reviewing the company’s balance sheet, income, bank statements, expenses, intercompany trades, and other information. It is essential for maintaining accurate business financial records, which helps in tax filing and gives an overall idea of the company’s finances. As mentioned above, two different documents […]
Book Value: Definition, Meaning, Formula, and Examples
Sandra Habiger is a Chartered Professional Accountant with a Bachelor’s Degree in Business Administration from the University of Washington. Sandra’s areas of focus include advising real estate agents, brokers, and investors. Alongside her accounting practice, Sandra is a Money and Life Coach for women in business. The following image shows Coca-Cola’s “Equity Attributable to Shareowners” […]
Debit vs Credit: Bookkeeping Basics Explained
The terms debit and credit signify actual accounting functions, both of which cause increases and decreases in accounts, depending on the type of account. That’s why simply using “increase” and “decrease” to signify changes to accounts wouldn’t work. Many retailers offer the option to add a cash amount for withdrawal to your purchase at the […]
What Are the Differences Between GAAP and IFRS? Top 7 Differences You Should Know
Content Principle of Permanence of Methods ACCOUNTING MATTERSIs it U.S. GAAP or IFRS? Understanding how R&D costs affect ratio analysis IFRS vs. US GAAP Contingent Liabilities Differences between US GAAP vs IFRS What Is the Difference between IFRS and GAAP? US GAAP vs. IFRS The IASB and the FASB have been working on the convergence […]
Free Expense Report Template for PDF Excel Word Google Sheets
It includes details like the payment method, date of payment, the amount paid to, the amount paid, description, and subtotal of each of the expense categories. The expense sheet template is again a simple spreadsheet that is made to keep a track of business or personal expenses. You can even customise https://kelleysbookkeeping.com/whats-the-difference-between-premium-bonds-and/ to report expenses […]
The Complete Guide to Outsourced Accounting
No matter the size of your company, you want the best set of hands to handle your financial records. Virtual and outsourced bookkeeping and accounting services are a happy medium between do-it-yourself software and pricey in-house bookkeeping. If that description fits what you’re looking for, one of the nine best virtual bookkeeping providers can save […]
Manufacturing overhead MOH cost How to calculate MOH Cost
ABC is a more sophisticated method that allocates overhead costs to products based on the activities that consume those costs. ABC can be more accurate than traditional overhead allocation methods, but it is also more complex and time-consuming to implement. In contrast, direct labor and manufacturing overhead costs are assigned to products to analyze actual […]
Outsourcing in India : Hub of IT Support, Talent & More
They work 24/7 and their services have the shortest responsive time in the industry, which is 1.78 seconds, in other words, they respond to your customers in 1.78 seconds from the time they started chatting. Invensis is an efficient call center service that works within all industries and for all businesses. They tout that smart […]
Profit and Loss Statement Meaning, Importance, Types, and Examples
Content Retail Profit and Loss Template Types of Profit and Loss (P&L) Statements Rental Property Profit and Loss Template What is a profit and loss statement? Examples and template Profit and Loss Examples for Small businesses Use a P&L template to calculate your net income (gross income minus expenses), and whether you need to increase […]
How to Effectively Read and Analyze a Cash Flow Statement
Content Cash Flow Statements 101: How to Make, Read, and Understand Them What Is a Cash Flow Statement? Example and Template ( Understanding Cash Flow Statements Cash Flow Statement: How to Read and Understand It How the Cash Flow Statement Is Used How to increase cash collections What are some important financial ratios calculated from […]