Categoria: Bookkeeping

  • Interest income: Definition, Explanation, Journal Entries and Example

    It might accrue in 2022 but if it’s not credited to you until 2023 for some reason, you would report it on your 2023 return when you file in 2024. It might seem like just a small amount, a handful of dollars here and there, but any interest income that you earn during the year…

  • Cash Over and Short

    The account is typically left open until the end of a company’s fiscal year, when it is then closed and reported as a miscellaneous expense on the income statement. Current Assets is always the first account listed in a company’s balance sheet under the Assets section. It is comprised of sub-accounts that make up the…

  • Mounting alarm in Government over corporation tax revenue as receipts continue to plummet

    From 6th April 2008, the Government has applied a flat 18% CGT rate on business disposals. However, the so-called “entrepreneurs relief” scheme allows business owners to pay a reduced rate of 10% on business disposals up to a lifetime allowance of £1 million. For example, if you pay yourself a salary below the Primary Threshold,…

  • Accounting for Gift Card Sales Journal Entry

    When your client sold the gift card, the retailer or service provider created a future obligation to provide their customers with products or services worth the value of the gift card. Deferred revenue means you wait until you count the funds — or in more easily understood language, the time when your client’s customer trades…

  • Google will start deleting millions of Gmail accounts next month

    Should you, however, get lost along the way, the provider offers a number of resources on its website to help walk you through. Although not necessary in your accounting software, these are some of the features you will find helpful. It also has the ability to track projects, a feature missing in the other software,…

  • 6 Steps in the Accounting Cycle

    It tells you whether or not the business has enough assets to meet its financial duties. It’s called a cycle because these steps are standard and they repeat themselves at the end of each accounting period. An accounting period usually corresponds to the business fiscal year. And finally, you can create and view any financial…

  • What Classes Can You Expect to Take For Your Accounting Degree?

    All applicants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout the program. Any learner can claim a Free DigitalDefynd Certificate to validate anything they learn online. So far, 60,000+ professionals have enhanced their CVs and profiles by adding our certificates. – A…