If a balance sheet has been prepared with future forecasted periods already available, populate the schedule with forecast data as well by referencing the balance sheet. NWC is most commonly calculated by excluding cash and debt (current portion only). When that happens, the market for the inventory has priced it lower than the inventory’s initial purchase …
What is the Working Capital Formula & How to Calculate It? Read More »
The 2024 version of the CPA exam eliminates the business environment and concepts (BEC) section and transitions some portions of FAR and REG into the new disciplines. Since the BEC section was the only one to include a written essay, the essay portion is eliminated from the 2024 CPA exam. The Uniform Certified Public Accountant …
If there is no difference between the standard price and the actual price paid, the outcome will be zero, and no price variance exists. Businesses can make informed decisions about purchasing, pricing, and inventory management by analyzing direct materials costs. For example, a company may reduce direct materials costs by finding alternative suppliers, renegotiating contracts, …
Xero doesn’t have a place on its standard invoices to add terms, either. If your business frequently offers terms, that could be a deal breaker and you may want to check out our FreshBooks review, instead. In terms of the accounting features that most businesses need, Xero and QuickBooks Online are both comprehensive tools that …
Xero vs QuickBooks: Which Is the Better Accounting Software? Read More »
The Plus plan offers everything that Simple Start and Essentials do with the added ability to track inventory and profitability by the project. QuickBooks Online is an incredibly comprehensive financial solution that is easy to use and navigate. It provides a wide range of features that make it easy to track and manage finances, as …
Each entry in the petty cash book should include the date, the amount, and what was purchased with the petty cash. Review your petty cash register before you replenish the petty cash fund. This should be small enough that employees won’t be tempted to steal it but large enough that you don’t have to replenish …
A Beginner’s Guide to Petty Cash: Managing and Recording It Read More »
Before finalizing your balance sheet, it’s crucial to ensure accuracy and clarity. Take the first example above – paying a security deposit for an event venue. A security deposit is not an expense because you will get that money back after the event (assuming no damage!). Nonprofits have tight rules around what they can and …
Nonprofit Financial Statements: The Complete Guide with Examples Read More »
You can find this by visiting your state’s Department of Labor website. Payroll management is vital to the success of your business. While you can handle payroll yourself, we recommend finding an affordable payroll software or service to handle it for you to save time and headaches. The right payroll software or service for you …
Payroll Services Pricing Intuit QuickBooks Payroll Services Read More »
Explore these skills and more with Forage’s free accounting virtual experience programs. The total cost of the plant ($39 million) is an expenditure, while each annual chunk of that cost ($1 million each year) is an expense. Discover if finance or accounting is the right career path for you with a free Forage job simulation. …
However, even though the accounting system is referred to as double-entry, a transaction may involve more than two accounts. A company’s loan payment to its bank is a typical example of a transaction that involves three accounts. This transaction will involve the Cash accounts, Notes Payable accounts, and Interest Expense accounts. For reference, the chart …
Are Supplies a Current Asset? How to Classify Office Supplies on Financial Statements Read More »
