Category: Bookkeeping

Now, let’s say you bought $500 in raw materials on credit to create your product. Write-downs are reported in the same way as write-offs, but instead of debiting an inventory write-off expense account, an inventory write-down expense account is debited. When the asset is actually disposed of, the inventory account will be credited and the … Continue reading Accounting Entries for Inventory and Cost of Goods Sold COGS

An expired certification can hurt your credibility as a credentialed QuickBooks expert. To stay competitive and relevant, we are evolving the ProAdvisor Program. The objective is to retain and rebuild our relationship with our accountants. Access free training Choose an individual if you know their expertise, skills, and knowledge, since they are usually specialized in … Continue reading QuickBooks ProAdvisor: Roles, Benefits, and Certification

You can calculate gross business income on a product-specific basis or a company-wide basis. If your company uses a chart of accounts that allows you to track cost by product and revenue by product, you will see how much profit each of your products is making. Adjusted Gross Income (AGI) is your gross income minus … Continue reading What Is Gross Income? Meaning & How to Calculate

Managing and projecting working capital effectively in real-world scenarios often presents challenges. Inconsistent or unreliable data can complicate analysis, requiring strategies to normalize and reconcile discrepancies in historical financials. Tailoring assumptions is crucial for industries with volatile working capital dynamics. Discount the cash flows With a working capital deficit, a company may have to borrow … Continue reading How to Calculate Change in Working Capital From Balance Sheet

This approach requires careful planning and allocation of funds to specific envelopes, each representing a different spending category. By limiting expenditures to the cash available in each envelope, individuals can more easily track their spending and avoid overspending in any particular area. Some people are intimidated by the thought of creating a departmental budget, but … Continue reading 19+ Department Budget Templates PDF, Word, Pages, Excel, Numbers

Bookkeeping is a crucial function of accounting, and earning a bookkeeping certification is a great way to show employers your expertise. While a certificate is not a requirement to become a bookkeeper, some professionals pursue certification to show their skills to employers and stand out in their job search. Keeping up with the records in … Continue reading What Is Bookkeeping? Getting Started in Accounting