This policy typically includes information on salary structures, bonuses, benefits, and any other forms of compensation offered to employees. It is essential for organizations to have a clear and well-defined compensation policy in place to ensure fairness, transparency, and consistency in how employees are rewarded for their contributions. Some employers also establish formal plans for […]

You can ask if they can put the money back into your account and the request needs to be made before the cheque’s due date. Money orders generally don’t expire, but some issuers may charge a fee if the payee doesn’t cash it within a certain time frame. Another solution is to contact the person […]

A Guide to Recording Personal Expenses Paid with Business Funds in QuickBooks Many users of QuickBooks tools attest to its help keeping their finances in check. We hope you found this guide on using QuickBooks for personal finance useful. Sometimes, demystifying your financial situation can be difficult or a handful. The finance professional helps you […]

Simplify the way you get paid with QuickBooks Payments Recognizing the significance of addressing human error in QuickBooks automation is crucial for maintaining the integrity and reliability of financial data and operational efficiency. This automation system continually monitors inventory levels, alerts the user when stock drops below set thresholds, and seamlessly integrates with purchase order […]

21 3 Changes in Accounting Estimates Intermediate Financial Accounting 2 The best example of a change in accounting policy is the inventory valuation. The company is using First in, First Out (FIFO) inventory method as the valuation of the stock. Due to the law’s requirement, now the company has to use the Last In, First […]

Contra Account: A Complete Guide + Examples Xero accounting The Reserve for Obsolete Inventory contra asset account is used to estimate and reduce the value of inventory that is no longer sellable or has diminished in value. By adjusting the value of inventory on hand, a company can present a financial position that closely matches […]

Contra Asset Account Definition, Examples, List of Accounts This approach ensures your financial statements don’t overstate your expected cash inflow. Similarly, it allows companies to retrieve original account balances without complicated calculations. For stakeholders, looking at both accounts is also crucial in their decision-making process. Therefore, these companies must maintain an obsolete inventory reserve account […]

Accrued Revenue: Meaning, How To Record It and Examples When logging accrued revenue, you’ll typically debit an “accrued revenue” account and credit a revenue account. For significant, non-recurring expenses, such as professional services or project-based costs, direct communication with vendors is crucial. Requesting a summary of unbilled work performed as of the period-end can provide […]

What are accrued revenues and when are they recorded? This financial concept stands as a cornerstone of modern accounting practices, particularly for businesses offering subscription services, long-term projects, or any service where payment follows delivery. Understanding accrued revenue helps businesses accurately track their financial health and prevents understatement of revenue during reporting periods. Under the […]

Xero is another strong contender, offering a user-friendly interface and excellent collaboration tools. Zoho Books, FreshBooks, and Wave are also worth exploring, each with different pricing structures and feature sets. FreshBooks, for example, is geared towards freelancers and small business owners, while Wave offers a free plan for basic accounting needs. Countsy understands the unique […]