Also, we may note accrued taxes or accrued compensation in the general ledger. In this account, you will credit the account for the amount of the accrued expense. If you record an accrual for revenue that you have not yet billed, then you are crediting the revenue account and debiting an unbilled revenue account. The …
Year-end Accruals Business and Financial Services Read More »
Accounting Prose empowers our clients with the accurate data they need to make crucial financial decisions and successfully scale their business. Everyone says they’re a strategic partner, but Punch proves it. We’ve provided hundreds of small businesses just like yours with reliable and innovative bookkeeping and financial services. Get proven financial and business expertise to guide …
Enter your business name or “disregarded entity” name, if different from the name you entered for step 1. For example, you might be a sole proprietor, but for marketing purposes, you don’t use your personal name as your business name; instead, you are “doing business as” some other name. If your small business is collecting …
Guide to IRS Form W-9: Request for Taxpayer Identification Number Read More »
Jan has been a super resource for me in doing that, and I trust her. She is also a dedicated learner, and has learned the intricacies of my business well. Having her personal and attentive help has been wonderful and I look forward to working with her. SMD Accounting Services, LLC is a local Certified …
Bookkeeping Services in Colorado Springs Elite Bookkeeping Read More »
Payment authorization includes the payment method, amount, and timing. Often, this means physically circulating the invoice within the office before it can be entered into the company’s system and marked as a cost. Imagine your company uses cloud computing services from a vendor company. Your agreement is that you pay for your cloud service usage …
Journal Entries Accounts Payable: Key Steps for Financial Accuracy Read More »
Payees commonly appear when doing a transaction with a bank like a check payment or an online banking payment. I had a trucking company render me their services and im not sure how to post the expense (receipt)… I tried entering them as that but then QB asks me to select a service which wont …
It’s possible for a product backlog to get too large to be effectively managed. This happens if a team adds every idea that gets suggested for addressing the outcome but never explores the ideas or removes the items that won’t be delivered. Product backlogs can also grow to an unmanageable size if all large product …
What Is a Product Backlog? How to Create One 2024 Read More »
These checks, written but not yet cashed or cleared by the bank, can create account balance discrepancies and complicate financial reconciliations if not properly addressed. Understanding their implications is crucial for businesses and individuals to maintain accurate financial records. By understanding and addressing these common causes, businesses can actively manage outstanding checks and maintain accurate …
When a check has been issued what does status outstanding mean? Read More »
These hard-to-balance realities are just some of the many reasons that you need an experienced accounting firm. In addition to education and experience, you need to work with accountants who are accessible and client-focused throughout the entire year. The important thing is that you adopt a strategy that works best for your company, and stick …
Back to Basics: The Percentage of Completion Method of Accounting for Contractors Read More »
Once your accounts are set up, you’ll need to input the opening balances for each account/fund/category. This is usually the balance of each account/fund/category at the CARES Act start of the fiscal or physical year. We’ll help you understand the basics of how to use a Chart of Accounts for your church and provide you …
Designing an Effective Chart of Accounts for Churches: CLA CliftonLarsonAllen Read More »
