Accounting

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Total news: 103
Last news: June 18, 2007 22:37:17

Suggestions to business owners for creditor proofing their business. - [Read more]

Are you thinking of selling goods and/or services on the web? If so, you will probably considering getting a merchant account processing service to accept credit cards on your site. - [Read more]

Heres something on the internet thats a godsend: free online bookkeeping courses. Do you think bookkeeping is confusing? If youre like me, you can balance a checkbook or household budget just fine, but when you start trying to figure out assets and liabilities, it gets confusing. - [Read more]

If your construction company or construction business is looking for profits, the answer may be much closer than you may think! Often times lost profits are just an accounting, or procedures error away. Use this simple, quick guide to recover or save tens-of-thousands of dollars INSTANTLY. - [Read more]

Data entry services are the key aspect of any business organization and every business needs a proper system to maintain its data and records. As data is crucial aspect of any firm irrespective of specialization or size and so they are in need of such an efficient system that can undertake their task. - [Read more]

Caporicci & Larson Report - In May of 2006 the Office of Management and Budget issued a new revised supplement for OMB A-133. This revised supplement had several changes made to grant program narratives on the program requirements... - [Read more]

How you, as an accountant, can help your clients with real estate investments maximize their deductions. Be the savior who helps income property owners turn their properties to positive cash flow. - [Read more]

Here are some numbers you need to consider. After 60 days the likelihood of collecting on outstanding invoices diminishes significantly. According to the Commercial Collection Agency Association you have only a 69.6% chance of collecting at 90 days and at six months it falls to 52.1% - [Read more]

Home businesses are a fantastic tax shelter. Be sure to understand the strict IRS requirements before using the deduction. - [Read more]

Journal and Ledger both are prime book of entries and journal is the first step of writing the transactions and ledger is posting of the entries of journal or transactions. Double entry aspect of accounting entries ensures that each account in ledger reflects correct transactions for the account. In ledger each account has listing of transactions that affected the account being listed. Amount is mentioned against each/part of transaction. - [Read more]

Balancing the account necessarily validates the mathematical accuracy of the posting of accounts by ensuring that any amount posted on debit side is also reflected by same amount on credit side. The ledger basically keeps the record of these debit and credit entries which are created by equal amount. If each entry is balanced this way any account in ledger will reflect a correct amount as debit or credit. - [Read more]

Ledger is the most important book of accounting. It contains summarized, classified description of all the business transactions. It is divided into various parts and each part is termed as account. It is necessary to gather at one place all transactions, during the period, relating to a particular subject-a person, a thing, a class of expenses, incomes etc. It is only then that the net results can be ascertained. - [Read more]

In this article depreciation is explained in details. It is discussed how we can find out the depreciation for a special type of business or industry. - [Read more]

Depreciation the permanent decrease in the value of an asset due to use and/or the lapse of time. It is treated as a business expenditure. It is very necessary to include depreciation as machinery etc. does not remain same after use and if its value remains same the accounting accuracy and profit and loss calculation shall be affected resulting in inflated profits. - [Read more]

Trial balance, if credit side total equals the debit side total, is a preliminary evidence of the accuracy of accounts. However, errors of posting excluding typing/writing errors for manual accounting can also result in wrong trial balance. Trial balance aids in locating the errors in accounts. - [Read more]

No method is ever perfect and sometimes shortcomings are inherent to the system and have to be accepted along with the various advantages. Trial balance method or report of accounting accuracy is also not fool proof to human errors. - [Read more]

The concept of dual aspect is one of the fundamentals to the accounting theory. The dual aspect concept lays down that every transaction has two-sided effect to the extent of same amount. Trial Balance ascertains the accuracy of accounts by comparing debits with credits. - [Read more]

A business may like to get more information from the cash book, such as the receipts from different heads of income and payments on .different accounts. In this case book may be split into two parts, one for receipts-Cash Receipts Book and another for payments-Cash Payments Book. - [Read more]

The various norms followed in Posting and Balancing the cash books are discussed here. A business may like to get more information from the cash book, such as the receipts from different heads of income and payments on different accounts. Analysis of various aspects of cash transaction is important to know real profitability of the business. - [Read more]

Cash book may have various formats as required by the details of the transactions to be posted. A different format is used for all above three types of cash book as discussed here. - [Read more]