Category: Bookkeeping

This return reports the income earned from January 1st until the date of death. It can be challenging to know exactly how to handle certain types of income on the final 1040. The old maxim, “You get what you pay for,” doesn’t apply to consulting work anymore. Geographic location also affects pricing, with urban areas […]

The resulting three is allowance for doubtful accounts a permanent account separate amounts are added and converted to a percentage based on the total sales amount. You can see from these few T accounts that although total gross revenues are $1 million, we have created a matching expense that records the estimated amount that will […]

This portion of the balance sheet is composed of several distinct accounts, each providing specific information about the sources of a company’s equity. This account includes the total amount of long-term debt (excluding the current portion, if that account is present under current liabilities). This account is derived from the debt schedule, which https://www.bookstime.com/articles/vendor-master-data-management outlines […]

Modern companies are turning to advanced technologies to automate and streamline financial consolidation. Unified financial consolidation software and tools can leverage AI and automation to speed up the timeline, reduce errors, and gain access to real-time insights. OneStream is a leading financial consolidation solution because it can accelerate the period-end close process while maximizing data […]

LIFO is often used in industries where the cost of goods tends to increase over time, such as during periods of inflation. This is because LIFO matches the most recent costs with the revenue generated, which can give a more accurate representation of the company’s profitability. The First-In, First-Out (FIFO) method assumes that the first unit making […]