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Bookkeeping – Adjusting Journal Entries (Lesson 67)

07/16/2017

One of the many tasks for bookkeeper in their daily operations is reconciling accounts including bank accounts, accounts receivable, accounts payable and many others.   Invariably, the balances are off and need adjusting.   To reset or balance [...]

Bookkeeping – Complex Entries Expanded (Lesson 66)

07/16/2017

A journal entry with multiple lines of entry affecting several different ledgers (accounts) is commonly referred to as a complex entry.   Many bookkeepers shy away from them as they feel intimidated by the difficulty involved and do not want to [...]

Bookkeeping – Recurring Entries (Lesson 65)

07/15/2017

Every day bills arrive from vendors that are mere repetition like the electric or phone bill.   They basically recur every so often (mostly monthly).   The bookkeeper must create a new entry as a part of his/her  daily functions.   This [...]

Bookkeeping – Charitable Giving (Lesson 64)

07/09/2017

Many small business owners are actively involved in the community and thus donate time and money to their favorite cause.   In almost every case the owner believes the donation is a business deduction.     It is NOT a business deduction for tax [...]

Receivables Turnover Ratio

07/09/2017

One of the activity ratios in business is the receivables turnover ratio or rate.   This ratio measures the frequency of collecting the entire balance of accounts receivable during a standard accounting year.   The ideal turns rate is twelve [...]

Bookkeeping – Other Transportation Costs (Lesson 63)

07/08/2017

There is much more to transportation with bookkeeping than accounting for vehicle operations, addressing mileage reimbursements or tracking auto costs related to owners and family members.   Bookkeepers must track the following too: A) Parking [...]

Bookkeeping – Mileage Reimbursement (Lesson 61)

07/04/2017

Some small businesses manage transportation costs in incremental payments by utilizing mileage reimbursement.   It is a very advantageous system if used correctly.   Other small businesses augment their existing vehicle fleet by paying employees [...]

Cash Flow From Operations – Basic Formula

07/02/2017

The cash flows statement in accounting is broken out into three major sections as follows: 1) Cash Flow from Operations 2) Cash Flow from Investing 3) Cash Flow from Financing Of the three, cash flow from operations is the most prominent.   It [...]
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