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February 14, 2023

Charles Lutwidge
The Suspense Account – Everything You Need to Know

The Suspense Account – Everything You Need to Know

Definition Accounting is about hard numbers, but human errors naturally occur from time to time. If you own a business, you may wonder how accountants handle these errors and accurately balance your books despite them. Often, the bookkeeper can simply scan..

Reading Time 3 mins
4.5 / 5 (2 voted)

Blog

December 02, 2022

Charles Lutwidge
Overview of Debt to Asset Ratio

Overview of Debt to Asset Ratio

Definition Companies have two options for acquiring assets: using its own capital, or borrowing funds from a third party. The balance between assets owned and borrowed has implications for the company’s financial future and level of risk. It is worth becoming..

Reading Time 3 mins
4.5 / 5 (2 voted)

Blog

November 21, 2022

Charles Lutwidge
The Double Declining Balance Depreciation Method

The Double Declining Balance Depreciation Method

Definition and formula Business owners need to know what they own and what they are owed. In order to manage their assets, business owners must learn a hard truth: that what they own (and are owed) tends to depreciate over the..

Reading Time 4 mins
4.5 / 5 (2 voted)

Blog

November 04, 2022

Charles Lutwidge
What are Different Types of Liability Accounts?

What are Different Types of Liability Accounts?

Liabilities Definition Virtually every business deals with liabilities, or items that it owes or has borrowed. According to the exhaustive definition, liabilities represent probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or..

Reading Time 4 mins
0 / 5 (0 voted)

Blog

October 27, 2022

Charles Lutwidge
Statement of Comprehensive Income

Statement of Comprehensive Income

Running a successful business means keeping track of profit and cost. Of course, this is more easily said than done. Business owners rely on different types of reports to capture different aspects of their financial structure. One example is the Income..

Reading Time 4 mins
2.8 / 5 (6 voted)

Blog

November 11, 2021

Charles Lutwidge
Accounting Errors and Error Corrections

Accounting Errors and Error Corrections

Types of Errors in Accounting An error in accounting is a non-fraudulent error in double-entry bookkeeping transactions. In most cases, errors occur because the bookkeeper either lacks accounting expertise or is careless. The moment an error is spotted, investigative measures should..

Reading Time 6 mins
4.5 / 5 (10 voted)

Blog

November 09, 2021

Charles Lutwidge
Payroll Taxes and Employer Responsibilities

Payroll Taxes and Employer Responsibilities

Payroll Taxes and Employer Responsibilities A responsibility of every profit-making enterprise is the payment of taxes. Businesses require federal, state, and local services, and taxes are the cost of those benefits. One of the ways these agencies determine your company’s tax..

Reading Time 5 mins
5 / 5 (1 voted)

Blog

November 08, 2021

Charles Lutwidge
Opening Entry in Accounting

Opening Entry in Accounting

Keeping of accounting records begins with an Opening Entry. If you are embarking on a new venture, these entries capture everything with which you are starting your business. On the other hand, if you already own an established business and are..

Reading Time 4 mins
5 / 5 (1 voted)

Blog

January 12, 2021

Charles Lutwidge
Comparing BooksTime vs. QuickBooks Live

Comparing BooksTime vs. QuickBooks Live

What is QuickBooks Live? QuickBooks is best known as accounting software makers. Recently, they started offering something new: a bookkeeping service called QuickBooks Live. The service is simple: they give you a bookkeeper who uses the QuickBooks app to keep track..

Reading Time 3 mins
4 / 5 (4 voted)

Blog

The Suspense Account – Everything You Need to KnowOverview of Debt to Asset RatioThe Double Declining Balance Depreciation MethodWhat are Different Types of Liability Accounts?Statement of Comprehensive IncomeAccounting Errors and Error CorrectionsPayroll Taxes and Employer ResponsibilitiesOpening Entry in AccountingComparing BooksTime vs. QuickBooks LiveHow The Pandemic Is Affecting The Accounting IndustryHow to Calculate the Present Value of a Single AmountA Step-By-Step Guide to Starting Your Own Bookkeeping Business.Bookkeeping 101How to Fill Out Form W-4 2020Coronavirus Aid, Relief, and Economic Security (CARES) Act promises help for small businessesCARES Act - Step-by-Step Guide for Small BusinessesPandemic Relief Loans: A Quick OverviewForeign Currency Translation — International Accounting BasicsWhy should you pay attention to the retained earnings line on the balance sheet?What is a Cash Flow Statement?Adjusting EntriesPurchases JournalBalancing off AccountsCash Disbursement JournalPosting in AccountingSales JournalControl AccountsContra Expense AccountAccrual to Cash ConversionAccounting Transaction AnalysisWhat is the accounting cycle?What is a Contra Asset Account?What is a contra revenue account and why is it important to my small business bookkeeping?Royalties in AccountingAccruals and DeferralsNormal Balance of AccountsWhat is Unearned Revenue in Accounting?Retained Earnings StatementRetained Earnings Statement ExampleNegative Retained EarningsIs Unearned Revenue a Current Liability?A Guide to Prepaid ExpensesHow much does an EA earn?What is the Special Enrollment Exam?What is the accounting equation?What are Retained Earnings?What is an enrolled agent, and does your business need one?What is bookkeeping?Unearned Revenue and How It Is Accounted for in BusinessThe Accounting Equation May be Expressed as Assets = Liabilities + Owner’s EquityThe Accounting Equation – Your Guide to Important Accounting EquationsStatement of Retained EarningsStatement of Retained Earnings: Example CalculationRetained Earnings ExplainedWhat is retained earnings normal balance?Cash Basis AccountingHow to use the Retained Earnings Formula to track the profits your business has earned and keptIntroducing Balance SheetWhat is the accounting equation formula?Accrual basis as an accounting methodThe Difference between Daybooks, Journals, Ledgers, and Other Record-Keeping DocumentsHow to meet your bookkeeping needs: employee, contractor, or firm?What's the difference between accounting and bookkeeping?How to choose an accounting method for your businessA rundown of the new I-9 form for 2017Bills vs. invoices: do you know the difference?What does "accounts receivable" mean?A short primer on accounts payable.What is cash flow and why is it important?Bank reconciliation: a simple explanation.
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