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Category: Bookkeeping

Utility Expense: Definition, Accounting, Journal Entry, Example, Debit or Credit, Asset or Liability

How to determine what the incurred, but unpaid utility expenses for those 11 days were (amount to accrue for)? There are two possible options, among others (note that an accrual is an estimate, and of course, a company can utilize other methods). The Accounting Department processes

Long term liabilities: Definition, Types, Examples

It strains the company’s cash flow and compromises the long-term corporate financial health. Long-Term Liabilities are very common in business, especially among large corporations. Nearly all publicly-traded companies have Long-Term which of the following are long-term liabilities? Liabilities of some sort. That’s because these obligations enable

Credit Memo: Using Credit Memorandums in Your Business

Credit memos are also used in giving a pre-negotiated discount to an issued invoice. Today, most of the businesses are using accounting software to account and issue sales invoices as well as credit memo/ credit note. Also, credit memos are used to fix mistakes in invoices

What Are T Accounts? Definition and Example

In double-entry bookkeeping, a widespread accounting method, all financial transactions are considered to affect at least two of a company’s accounts. One account will get a debit entry, while the second will get a credit entry to record each transaction that occurs. T-accounts are used to track

How Do You Enter Credit Card Charges In Quickbooks Online

In addition to the step-by-step guide, we have explored important tips and best practices for entering credit card charges in QuickBooks. Regularly reconciling your credit card accounts helps identify errors or discrepancies, maintains accurate financial reporting, and improves financial transparency. Appropriately categorizing expenses enables better expense

Advertising Costs: Definition and How It Works in Marketing

Over time, as customers respond to the campaign, those direct mail expenses will be moved from the prepaid expense category to the advertising cost category. For a company to record advertising expenses as an asset, it must have reason to believe those specific expenses are tied

What Is Leverage? Definition, Example, and Formula

Several other firms threw their hats in the ring in the following days and weeks, hoping to get a share of the Bitcoin pie. In a landmark decision, the Securities and Exchange Commission (SEC) approved 13 applications to create a spot Bitcoin (BTC -7.74%) exchange-traded fund

Using a cleanup checklist for successful QBO cleanups

After locating the source of your problems, you’ll probably be tempted to jump right in and begin fixing them. It’s wiser, though, to take a breath at this point and ensure that your books suffer no further damage. The key to this step is making sure

Inventory turnover ratio ITR definition, explanation, formula, example and interpretation

You can draw some conclusions from our examples that will help your business plan. Knowing how often you need to replenish inventory, you can plan orders or manufacturing lead times accordingly. Possible reasons could be that you have a product that people don’t want. Or, you

Capture Expenditure Information in Project Costing for Sales Order Shipments

Anne Pingree was senior sales engineer for Infopia, a hosted shopping platform. Atandra, which offers order management software products, was founded by Manish Jha. Merchants who are looking to improve drop shipping and manage inventory before the holiday madness strikes can get sound and practical advice