Category: Bookkeeping

With it, users can track their billable hours, categorizing them under the correct client and employee, while automatically adding them to invoices. These hours can be added by the manager manually, though the employee in question can also be given permission to add their hours themselves. You can create an unlimited number of invoices and… Continue reading QuickBooks Desktop, Compare QuickBooks Desktop to Online

Accrued salaries (accrued wages) is the amount of liability that remains at the end of an accounting period for salaries that have been earned by employees but not yet paid to them. This accounts for unpaid compensation that has not yet been paid to employees for the services that they have already provided to the… Continue reading Accrued Wages Definition + Journal Entry Examples

The bondholders are reimbursed for this accrued interest when they receive their first six months’ interest check. Bonds, when used strategically alongside stocks and other assets, can be a great addition to your investment portfolio, many financial advisors say. Unlike stocks, which are purchased shares of ownership in a company, bonds are the purchase of… Continue reading Amortized Bond Overview, How it Works, Methods

A business pays wage and salary to employees who are considered an asset or liability. Wages and salaries are often called remuneration—the payment for service or employment. Remuneration includes the base pay as well as additional bonuses, commonly referred to as compensation. Even though it’s a temporary account, it’s worthwhile to pay close attention to… Continue reading What are Drawings in Accounting?

The biggest disadvantage of Artificial Intelligence is its lack of creativity. Artificial Intelligence is a technology that is completely based on pre-loaded data. However, Artificial Intelligence can learn over time with this pre-fed data and past experiences, but it cannot be creative like humans. Unlike humans, a machine helps to take decisions faster than a… Continue reading What Are the Advantages of Artificial Intelligence?

Find out how working for Intuit can kick-start your bookkeeping career. Exchange knowledge with an industry-leading community of bookkeepers and take advantage of available resources on demand. Select the schedule you’d like to work within the QuickBooks Online regular business hours (6AM to 6 PM, Monday through Friday). The golden rules also help ensure that… Continue reading Bookkeeping basics: Small business guide for 2023

I have checked this and it does not show up under the bank register or under the vendor. It removed the tax due from my upcoming tax payments list. Still, if you are confused about payroll adjustment and how to edit them in QuickBooks Online, then you can connect with industry experts like us. Learn… Continue reading Solved: Adjust Payroll Liabilities for Taxes Already Paid

In this case, the utilities expense should be recorded in December even if it is not paid until January. This expense is accrued by debiting utilities expense and crediting the accrued utilities account. Let’s assume that Servco Company receives $4,000 on December 10 for services it will provide at a later date. As we stated… Continue reading Mastering Reversing Entries: Practical Examples and Effective Solutions

Accumulated depreciation is an important component of a business’s comprehensive financial plan. This type of accounting offers a realistic understanding of the company’s assets value, which can influence financial decisions. Depreciation expense serves to match the original cost of acquiring an asset with the revenue it generates over its lifespan. This allocation method can help… Continue reading Is Accumulated Depreciation Debit or Credit?

The following insights will help you record and accrue WC and GL insurance on an accurate and consistent basis. Some assets are “nonadmitted” under SAP and therefore assigned a zero value but are included under GAAP. Real estate and mortgages make up a small fraction of a property/casualty company’s assets because they are relatively illiquid.… Continue reading Workers Comp Insurance for Finance & Accounting Businesses