Bookkeeping – Regular Business Activity

Day to day activity for accounting is comprised of multiple functions. These include entering purchases, running a payroll, issuing cash disbursements, reconciling banking activity and generating basic reports.

Bookkeeping – Complex Entries Expanded (Lesson 66)

Complex Entries

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 make an error.  This lesson helps the bookkeeper understand how to break the complex entry down into a series of standard entries.

Bookkeeping – Charitable Giving (Lesson 64)

Charitable Giving

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 purposes except under the C-Corporation status; however, the business is still writing the check. Therefore the bookkeeper must still track the deduction and identify the donation properly so the gift is deductible on the owner’s personal tax return.

Follow by Email
Facebook
Google+
https://businessecon.org/category/business-principles-and-standards-of-performance/business-principles-accounting/bookkeeping-regular-business-activity">
Twitter
LinkedIn