Tag: Chart of Accounts
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Contractor’s Chart of Accounts – Completed Contract or Percentage of Completion Method
The contractor’s chart of accounts is significantly different than the traditional chart of accounts. The layout is more balance sheet driven.
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Journals and Ledgers
Accounting is the process of recording economic activity and organizing this information in a format to inform owners about financial results. It all begins with the journals and ledgers.
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Bookkeeping – Trial Balance Advanced Concepts (Lesson 68)
The trial balance is a special report used by accountants and bookkeepers. It is NOT a management nor a financial report. Its primary purpose is verification of account balances and compliance to the dual entry system (debits equal credits). It is generally utilized as the first step in the closing process for interim and annual reporting.
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Bookkeeping – Other Transportation Costs (Lesson 63)
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.
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Bookkeeping – Vehicle Operations and Accounting (Lesson 60)
The Internal Revenue Service authorizes two different methods to deduct expenses for vehicle operations. The most commonly used method in small business is the mileage reimbursement method explained in Lesson 61.
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Bookkeeping – Suspense Accounts (Lesson 55)
When bookkeepers face an unknown variable with a transaction and don’t know where to place the debit or credit, they use a temporary account to hold the value. This is called the ‘Suspense’ account.
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Bookkeeping – Petty Cash (Lesson 44)
Petty cash is cash kept in the office in a lockbox or with staff for instant and emergency purposes. It is actual cash and not checks.
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Working Trial Balance
The accounting profession uses various tools to generate accurate accounting information at the close of accounting cycles (monthly, quarterly and annually). The primary document is the working trial balance. It is very similar to the traditional trial balance except there are additional columns used to identify various adjustments and the corresponding source documents (work papers).
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Bookkeeping – Payroll Structure (Lesson 30)
Every bookkeeper needs to understand how to process a payroll. This is one of the many regular tasks in the bookkeeping cycle. In this lesson I’m going to illustrate a payroll structure as it pertains to the chart of accounts.
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Bookkeeping with QuickBooks (Lesson 27)
There are multiple positive benefits of QuickBooks for the business and directly for the bookkeeper too.