Category: Bookkeeping

Use a free trial or ask QuickBooks for a software demo if you’re stuck between products. Larger businesses with sophisticated inventory, reporting and accounting needs. This module covers how to manage your bills and record expenses in QuickBooks. Where QuickBooks Accountant Desktop Won You can also generate A/R reports to gain insights into your customers’…

Generally, these systems provide different methods and recovery periods to use in figuring depreciation deductions. Your section 179 deduction is generally the cost of the qualifying property. However, the total amount you can elect to deduct under section 179 is subject to a dollar limit and a business income limit. Publication 946 ( , How…

It’s a constant challenge for construction businesses to effectively control costs so they can remain competitive. Partnering with a local Dallas, TX CPA firm that’s experienced in all facets of construction accounting can help you stay on the path to success. Works with everyone from home builders, painters and plumbers to electricians, HVAC companies and other…

With Steph’s Books, you get real people that are invested in growing your business every day. We are confident in our ability to streamline the operations and bookkeeping side of your business. With expert bookkeepers who are reliable, caring, and resourceful, you can trust our team. An incorrect setup can lead to inaccurate information and…

In this lesson, I explain the FIFO method, how you can use it to calculate the cost of ending inventory, and the difference between periodic and perpetual FIFO systems. This and other unethicalshort-term accounting decisions made by Petersen and Knapp led tothe bankruptcy of the company they were supposed to oversee andresulted in fraud charges…

A favorable material price variance suggests cost effective procurement by the company. Direct Material Price Variance (DMPV) shows the amount by which the total cost of raw materials has deviated from the planned cost as a result of a price change over a period. An unfavorable one might show supplier problems or rising costs in…

Great Britain used indentured servitude as a punishment for captured prisoners of war in rebellions and civil wars. Trust indentures may not be included in every bond contract, given thatsome government bonds disclose similar information (the duties andrights of the issuer and bondholders) in a document called the bond resolution. Almost all indentures include subordination clauses that…

Yes, incorporating compounding into your trading strategy can have a profound impact. It encourages a long-term perspective, focusing on sustainable growth over immediate gains. This disciplined approach can lead to more significant wealth accumulation by maximizing the power of compounding. It would get to a time the initial capital would be just a fraction of…

Building a cash flow statement from scratch using a company income statement and balance sheet is one of the most fundamental finance exercises commonly used to test interns and full-time professionals at elite level finance firms. Scenario 2 – Let’s assume that Bright Ideas Co. begins a new accounting period with $250,000 in retained earnings….

In the equity section, “other comprehensive income” is classified as “accumulated other comprehensive income” (summed or “aggregated”). The OCI account can be used as a gauge by investors looking at a company’s balance sheet for potential risks or windfalls to net income. This will provide you and your company with a better understanding of the…