Bookkeeping

Voyager automates workflows and provides system-wide transparency that enables you to work more productively and collaboratively than ever before. Using any browser and mobile device, Voyager gives you instant access to your data. And as a SaaS platform, Voyager frees you from managing your software — so you can focus on your business. Now you […]

These are some simple examples, but even the most complicated transactions can be recorded in a similar way. This equation is behind debits, credits, and journal entries. Metro Corporation collected a total of $5,000 on account from clients who owned money for services previously billed. For every debit entry, there has to be an equal

Many bookkeeping services online help with tax preparation for truck drivers. Integrating your tax filing with your bookkeeping can save time and ensure accuracy. Bookkeeping and tax services specially designed for trucking companies also make it easy to access and complete all required tax forms for your business. As an owner-operator, effective bookkeeping is essential

One cost can become a traceable fixed cost for one segment and a common cost for another. Indirect costs (overhead costs) by nature create problems in cost determination and analysis. Direct cost related with a product can be measured with a high degree of accuracy. In the absence of appropriate direct measurement techniques, indirect costs

If errors are found, corrections can be made directly in the organizer, with the option to refresh the return to reflect the changes. Those using Thomson Reuters GoFileRoom or FileCabinet CS can automatically save the completed return directly without leaving the application. GoSystem Tax RS is best suited for larger firms or corporate tax departments

The payback period can apply to personal investments such as solar panels or property maintenance, or investments in equipment or other assets that a company might consider acquiring. Often an investment that requires a large amount of capital upfront generates steady or increasing returns over time, although there is also some risk that the returns

For a patron’s QBID, a patron considers the W-2 wages and UBIA of qualified property from the patron’s trade or business from which the payments arise. The patron then determines if any of the distributions may be included in the patron’s QBI depending on the patron’s taxable income and the statutory phase-in and threshold amounts

This naming makes more sense when you realize that encumbrance enables budgetary control by recording money that is allocated for future projects, preventing over-expenditure of a budget. Lastly, the future of encumbrance accounting is likely to involve the integration of encumbrance data with other financial management systems. By combining encumbrance accounting with budgeting, forecasting, and

Cash accounting is an accounting method in which revenue is only recorded when cash is received, and expenses are recorded after cash payments are made. However, under the accrual basis of accounting, this $5,000 revenue is when the client’s service is complete but has not yet received cash payments from the client. Under this accounting

To summarize, FOB terms play a vital role in determining the timing of revenue recognition. Whether it is FOB Shipping Point or FOB Destination, the transfer of ownership and risk of loss is a key factor in recognizing revenue accurately and in accordance with accounting standards. Overall, understanding the importance of FOB in accounting allows