For example, if a restaurant purchases a new delivery vehicle for cash, the cash account is decreased by the cash disbursement and increased by the receipt of the new vehicle. This transaction does not affect the liability or equity accounts, but it does affect two different assets accounts. Thus, assets...
Continue ReadingThe end result is a set of accurate financial statements—an income statement and a balance sheet. There are some times that we’ll request documents from you (like account statements or receipts), just to ensure the information we have is correct. If you need to share files with your bookkeeping...
Continue ReadingShaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career. The suppliers, who haven’t yet been...
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Continue ReadingSmall business bookkeepers have a few simple responsibilities. They keep your financial books in order by tracking the revenue and expenditure This is achieved by performing data entry in accounting software. On the other hand, bookkeepers are the more affordable option. They require the least amount of education and...
Continue ReadingIt has various applications, such as determining the maximum area, the least expenditure on projects, increasing missile range, and many more like that. In Excel 2019, or Excel for Office 365, you can use the MINIFS and MAXIFS functions, shown below, to find a minimum value, based on one...
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Continue ReadingBy tracking effects in real time, you can make on-the-fly adjustments rather than waiting until the end to see if something worked or not. Businesses looking to improve performance should adopt a data culture to encourage the collection and analysis of data to make informed decisions. Utilize CRM tools...
Continue ReadingAfter adjusting all the above items, you’ll end up with the adjusted balance as per the cash book, which must match the balance as per the passbook. If not, you’re most likely looking at an error in your books (or a bank error, which is less likely but possible)....
Continue ReadingFor example, Interest Receivable is an adjusted account that has a final balance of $140 on the debit side. This balance is transferred to the Interest Receivable account in the debit column on the adjusted trial balance. Accumulated Depreciation–Equipment ($75), Salaries Payable ($1,500), Unearned Revenue ($3,400), Service Revenue ($10,100),...
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