Bookkeeping

As a general rule, contingent liabilities, whether recognized or not, must be disclosed. If any of these elements cannot be calculated reliably, that fact should be stated. A type of contingent liability, warranty obligations, are present when a company guarantees that their product would work for a certain period or meet certain standards. These obligations can become actual liability if the prod...

Its primary functions consist of Tax and Valuation services. The firm started in 1996 under the title of “Mofrad’s Tax Service” as a part-time concern, providing individual, estate/trust, and corporate tax preparation and filing services. For the first fourteen years of its existence, although keeping a constant and consistent growth pace, the entity remained part-time and was based out of Santa M...

The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. Having been an IRS Agent in the past, we specialize in taxation. We are ...

Both companies need to get involved in a thorough due diligence process before proceeding with a merger or acquisition. The impact of contingent liability can also hamper a company’s ability to take debt from the market as creditors become more stringent before lending capital due to the uncertainty of the liability. If the liability arises, it would negatively impact the company’s ability to repa...

To put what we have just learned into practice, we will look at a simple example and post the journal entries for accruals. Since accruals are actually classed as creditors on the balance sheet we can meet all of the above requirements by posting one simple journal. As discussed in our previous post, the journal entries required for accruals are quite simple. This date usually falls on the same da...

Then you need to increase the amount of his entire vacation accrual by the incremental amount of the pay raise. This is because, if the employee were to leave the company and be paid all of his unused vacation pay, he would be paid at his most recent pay rate. If a company awards pay raises to all employees during the same time period in each year, this can result in a sudden jump in the vacation ...

If you own a business that operates in multiple states, you will greatly benefit from the knowledge of a tax professional. Multistate taxes and determining nexus can be very complicated. If your company falls into the maximum stock option of 5001 or more shares, there are two possible methods to calculate the Delaware franchise tax. With this type of business, your business income will be distribu...

Running a manufacturing company while managing its books is a challenging prospect. Manufacturing involves a significant amount of cost accounting, which is a notoriously complex subject. By integrating your accounting software with Katana’s cloud manufacturing platform, you’ll get all these essential features and more. With a free 14-day trial, you can experience firsthand why thousands of manufa...

Unlike a merchandising company that only handles complete items, your business has to deal with inventory valuation and the cost of goods sold. The statement used in a manufacturing business differs from that of any other business as it includes the cost of direct materials and labor and other production overhead. As we have seen, manufacturing accounting includes insight into processes absolutely...

The accounting entries to increase and decrease the cash account are a debit and credit, respectively. Positive and negative cash balances are known as debit and credit balances, respectively. Record a negative cash balance using either a separate account or the accounts payable account on the balance sheet. Negative cash flow is a common financial occurrence for new businesses. Starting a small b...

View the Project Financials report to see how tasks and expenses are tracking against budget for your projects. You can identify potential issues or overruns and adjust the work accordingly. Explore Xero accounting software and its tools for small businesses, accountants, and bookkeepers. Business owners get access to real-time reports that help them actively monitor profitability and understand r...

Our diverse team has a wide array of industry expertise from renewable energy, real estate, technology, healthcare, non-profits, and others. From the simple to the complex, we can help you improve efficiency and lighten the load. We integrate seamlessly with BerryDunn’s tax group and other business advisor services as needed. Get the work done efficiently and take away the burden of managing resou...