4 3 Record and Post the Common Types of Adjusting Entries Principles of Accounting, Volume 1: Financial Accounting

Adjusting journal entries are accounting journal entries that update the accounts at the end of an accounting period. Each entry impacts at least one income statement account (a revenue or expense account) and one balance sheet account (an asset-liability account) but never impacts cash. Since the firm is set to release its year-end financial statements… Continue reading 4 3 Record and Post the Common Types of Adjusting Entries Principles of Accounting, Volume 1: Financial Accounting

How to Undo Reconciliation in QuickBooks Online

This way of entering data is incorrect, and you can’t recategorize transfers that were meant to be booked as expenses. You’ll have to undo the reconciliation, delete the transfer, and then re-enter the information into the appropriate account. QuickBooks Online will automatically check transactions entered using the bank feed feature on the https://www.quick-bookkeeping.net/ reconciliation screen.… Continue reading How to Undo Reconciliation in QuickBooks Online

Contra Liability Account: What it is, How it Works, Example

Contra accounts exist when the account reported on the balance sheet needs to be reduced by a different account to show its true value. For example, GAAP accounting (or generally accepted accounting principles) requires fixed assets to be reported at cost on the balance sheet, but, over time, that value depreciates as the assets are… Continue reading Contra Liability Account: What it is, How it Works, Example

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Return on Common Equity ROCE: Calculation and Interpretation

Now, assume that LossCo has had a windfall in the most recent year and has returned to profitability. The denominator in the ROE calculation is now very small after many years of losses, which makes its ROE misleadingly high. However, if taking on debt leads to the opposite consequence, it weighs on the company’s finances… Continue reading Return on Common Equity ROCE: Calculation and Interpretation

Least Square Method Formula, Definition, Examples

Otherwise, the null hypothesis of a zero value of the true coefficient is accepted. The theorem can be used to establish a number of theoretical results. For example, having a regression with a constant and another regressor is equivalent to subtracting the means from the dependent variable and the regressor and then running the regression… Continue reading Least Square Method Formula, Definition, Examples

Contra Liability Account: What it is, How it Works, Example

Contra accounts exist when the account reported on the balance sheet needs to be reduced by a different account to show its true value. For example, GAAP accounting (or generally accepted accounting principles) requires fixed assets to be reported at cost on the balance sheet, but, over time, that value depreciates as the assets are… Continue reading Contra Liability Account: What it is, How it Works, Example

7 Best Virtual Bookkeeping Services for 2024: quick guide

This is the “ecosystem” that I use to run my virtual bookkeeping service. With these five apps alone I can manage every aspect of my clients’ needs. It can be difficult to trust a virtual service with your books, and even harder to know which service to choose. With this service, their CPAs manage bookkeeping… Continue reading 7 Best Virtual Bookkeeping Services for 2024: quick guide

Best Free Accounting Software for Small Business 2024

The software offers built-in online connections that support some remote work since it integrates with Microsoft 365 Business. Though it has a dated interface, doesn’t have a mobile app, and requires you to install the software on a desktop or laptop computer, Sage 50 Accounting is still a powerful piece of software. QuickBooks Online is… Continue reading Best Free Accounting Software for Small Business 2024

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Small Business Bookkeeping Basics

At the end of the appropriate time period, the accountant takes over and analyzes, reviews, interprets and reports financial information for the business firm. The accountant also prepares year-end financial statements and the proper accounts for the firm. The year-end reports prepared by the accountant have to adhere to the standards established by the Financial… Continue reading Small Business Bookkeeping Basics

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