Assets (what a company owns) are on the left side of the Accounting Equation. If an account has a Normal Debit Balance, we’d expect that balance to appear in the Debit (left) side of a column. If an account has a Normal Credit Balance, we’d expect that balance to appear in the Credit (right) side of a column. As a…

It’s important to note that on most days, major indexes, like the S&P 500, move less than 1% in either direction, meaning you generally won’t see huge gains or losses with this kind of fund. Access and download collection of free Templates to help power your productivity Nonprofit Accounting Best Practices and Essential Tips and…

There are numerous additional tax credits offered in the state of New York, many of which primarily benefit low income households. It is sometimes referred to as a “hidden tax,” as it leaves taxpayers less well-off due to higher costs and “bracket creep,” while increasing the government’s spending power. Related is the concern that further…

For example, the coffee company mentioned in the opening vignette may expect to pay $0.50 per ounce for coffee grounds. After the company purchased the coffee grounds, it discovered it paid $0.60 per ounce. This variance would need to be accounted for, and possible operational changes would occur as a result. Practice Questions How Much…

Employers are increasingly requesting that applicants for positions with responsibility should have at least some college. A full charge bookkeeper who wants to work for a small to medium-sized business does not need to be a certified accountant. General business, accounting, and bookkeeping courses will provide the required education and training. We are looking to…

Other manufacturing overheads are the costs that include the costs of factory utilities. These include gas and electricity, depreciation on manufacturing equipment, rent and property taxes on manufacturing facilities, etc. Indirect Labor Overheads include the cost of labor that is not directly involved in the manufacturing of the product. That is, such labor…

Operating cash flow does not include capital expenditures (the investment required to maintain capital assets). Learn how to analyze a statement of cash flows in CFI’s Financial Analysis Fundamentals course. The purchasing of new equipment shows that the company has the cash to invest in itself. The resulting difference between your income and expenses, often referred…

Also, I suggest consulting your accountant for guidance on how to handle What is Royalty in Accounting Meaning, Accounting Treatment & Examples, including whether to remove the account or not. Moreover, you might want to export your report to Excel from QuickBooks Desktop. You'll want to modify your report by Sorting out and using the Filter to customize…

This can be easily done with the technology available today, such as a bank’s mobile app. Let’s say Mary went to a retail outlet and purchased cosmetics amounting to $2,000 and wrote a check for the purchase. However, when the merchant deposited the check in the bank, Mary’s account only contained $1,500, which means that…

The data importing process will transfer all compatible data existing in your provided file to QuickBooks Online. However, we will only validate (check and correct) data for the range you have requested. We advise you to keep a backup of relevant data to have a history of transactions prior to the conversion date. You will…