Category: Bookkeeping

For example, a production facility that is fairly labor intensive would likely determine that the more labor hours worked, the higher the overhead will be. As a result, management would likely view labor hours as the activity base when applying overhead costs. The controller of the Gertrude Radio Company wants to develop a predetermined overhead… Continue reading What Predetermined Overhead Rate Is Formula and Sample

To simplify your retained earnings calculation, opt for user-friendly accounting software  with comprehensive reporting capabilities. There are plenty of options out there, including QuickBooks, Xero, and FreshBooks. A statement of retained earnings details the changes in a company’s retained earnings balance over a specific period, usually a year. We’ll explain everything you need to know… Continue reading How to calculate retained earnings formula + examples

This method is more efficient and accurate than manual methods, but it can be costly and may require some training to use effectively. Some businesses have made a practice of paying all of their employees with voucher checks, even if the employee receives her salary through a https://www.quick-bookkeeping.net/average-irs-and-state-tax-refund-and-processing/ direct deposit service. In these cases, there… Continue reading Voucher Check Request Form Template

You can calculate salvage value by knowing the original price, depreciation rate, and the age of the asset. This method provides a systematic way to allocate the cost of an asset over its useful life, allowing for accurate financial reporting and evaluation of an asset’s value over time. Within this method, the asset’s value is… Continue reading NPV and Taxes Calculation Formulas Example

If your business starts out making under $5 million but eventually grows to exceed that mark (hooray!), you’ll have to switch accounting methods, which is, trust us, an absolute mess. Most notably, the accrual method paints a better long-term picture of business trends http://armor.kiev.ua/wiki/index.php?title=ISU-152 and growth than the cash method. Otherwise, it’s hard to accurately… Continue reading What is the accrual basis of accounting?

Join over 1 million businesses scanning & organizing receipts, creating expense reports and more—with Shoeboxed. Accounts payable are products or services that you owe money for, such as appliances, repairs or fees. This is generally a short-term debt for something that has been provided on credit. Preparing templates for key reports can be done with… Continue reading Property Management Accounting 8 Best Practices