Tag: Cash Disbursements
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Bookkeeping – Other Taxes (Lesson 59)
There are several other taxes that small businesses must adhere to each year. Other taxes include: Real Estate Taxes, Business Property Tax, State Franchise Tax, State Licenses or Fees, Unique Production or Consumption Taxes, and Assessments.
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Bookkeeping – Controlling Cash (Lesson 48)
In small business, cash is almost always the number one issue. There is simply never enough. This is primarily attributable to growth. Growth requires both physical assets to produce more and expansion of accounts receivable. Technically, the expansion of accounts receivable is the economic equivalent of lending cash.
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Owner’s Draw in Business
When an owner of a small business operation transfers money from the business bank account to their personal bank account the transaction is commonly referred to as a ‘Draw’. There are other terms but this is the traditional word used. The technical definition is: ‘A transfer of earnings from the business on behalf of the owner…
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Bank Reconciliations – Fundamentals
The bank reconciliation is a daily accounting function for every small business. In order to fully appreciate its value, the small business owner needs to understand the fundamentals of how bank reconciliations are performed. In addition, there are some higher level types of transactions that affect the cash position.
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Effective Internal Controls for Cash
All businesses should have internal controls to deter fraud, detect theft, and preserve assets. Effective internal controls for cash prevent the proverbial hand in the cookie jar.