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Category Archives: Bookkeeping

5 2: Prepare a Post-Closing Trial Balance Business LibreTexts

If you like quizzes, crossword puzzles, fill-in-the-blank, matching exercise, and word scrambles to help you learn the material in this course, go to My Accounting Course for more. After posting the above entries, all the nominal accounts would zero-out, hence the term “closing entries”. The next step of the accounting cycle is to prepare the […]

Depreciation Methods- Straight Line, Double Declining, Units of Production

Don’t worry—these formulas are a lot easier to understand with a step-by-step example. The information provided in this blog is intended for general information only, and is not meant to constitute tax advice. The yearly depreciation rate is equal to the declining balance percentage divided by the recovery period. Finally, units of production depreciation takes […]

TOP 10 BEST Bookkeeping Services in Houston, TX Services & Professionals December 2023

Our state-of-the-art online bookkeeping service combines cutting-edge software with the expertise of real, professional bookkeepers. We take care of all your bookkeeping and tax needs by applying our in-depth knowledge of local taxes and commercial regulations applicable in Houston and Texas at large. Our skilled team is also competent in dealing with the specific types […]

Determining the LLCs Required Year

Generally, send the original election (no photocopies) or fax it to the Internal Revenue Service Center listed below. If the corporation (entity) files this election by fax, keep the original Form 2553 with the corporation’s (entity’s) permanent records. You are not required to provide the information requested on a form that is subject to the […]

A guide to outsourced accounting: All you need to know

That know-how gives them the ability to build your business a financial infrastructure that’s resilient to all kinds of challenges. With the right partner, it’s possible to mitigate these downsides entirely, but to do that, you need to be aware of what to be on the lookout for. We help organizations implement technological transformation and […]

Accounting vs Bookkeeping: What’s the Difference?

For instance, crowdfunding, business credit cards, microloans, and short-term loans are all alternatives that startups can use to finance their businesses. What happens if you have extra transactions showing up on your own records that haven’t been cleared through the bank yet? Likewise, is it a problem if the bank shows a payment or debit […]

Voucher Definition, What is Voucher, Advantages of Voucher, and Latest News

This function is not needed in a computerized system, where the aged payables report is used instead. The voucher will be sent to the owner, who reviews everything to make sure that all the information is accurate, and then the payment will be approved. Afterward, the transaction is closed, and the voucher will be registered […]

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