Bookkeeping

Finally, close the dividends account by crediting dividends directly to retained earnings. The total expenses are calculated and transferred to the income summary account. The total revenue is calculated and transferred to the income summary account. This clears the revenue accounts to zero and prepares them for the next period. […]

Eligible expenses include salaries of R&D employees, materials, software, and prototype development. The deduction is non-refundable, but unused deductions can be carried forward. Eligible expenses include wages for R&D employees, employer-paid social security contributions, and 60% of contract research costs. Unlike some countries, there is no requirement for an R&D […]

Though you’ll need a construction loan to finance a build, you can still use a mortgage calculator to determine a comfortable monthly payment to develop your all-in budget. Our team has built more than 1,000 homes in San Diego and completed multiple land development projects. Due diligence is included in […]

By applying this method, companies can ensure that their financial statements reflect a more accurate and realistic view of potential losses from uncollectible accounts. Generally Accepted Accounting Principles (GAAP) provide a comprehensive framework for financial accounting and reporting. These standards are designed to ensure consistency, transparency, and comparability in financial […]

We must also record the cost of goods sold in the perpetual inventory system and the inventory reduction. With this, the inventory account shows the amount of inventory that has not been sold. This valuable information enables organizations to sales journal fine-tune their sales processes, streamline operations, and maximize efficiency, […]

This gives your startup much better odds of succeeding and obtaining the necessary funding. You’ve probably heard the term GAAP thrown around, but what does it actually mean? It’s the framework that accounting professionals use to prepare financial statements. Whether you’re just starting out or you’ve been in business for […]

In fact, to help you find answers to your questions, I’ve compiled some resources in the last couple of years, for business people like you, in response to the specific tax and accounting questions I’ve received from my clients. Yes, we work with businesses across various industries and adapt our […]

Where, under Article 3 of this part, financial statements are required to be audited, the independent accountant shall have been selected and ratified in accordance with section 32 of the Investment Company Act of 1940 (15 U.S.C. 80a-31). (2) Schedule II of this section shall be filed for each period […]