These accounts need to be closed each month in order to accurately represent revenue and expenses on your financial statements. For example, let’s say your rental expenses were $15,000 in 2019, and earned revenue was $75,000. Expense accounts are used to track the amount of money spent on keeping the business running. This can include…

Read on to find out how to properly fill out a checking deposit slip. There is a section in the deposit slip form where the depositor is required to write the amount to be deposited. This too should not be written incorrectly so the right amount is credited. Another category that is important in any…

A qualified state or local political organization must file Form 990 or 990-EZ only if it has gross receipts of $100,000 or more. For purposes of Form 990 reporting, the term “section 501(c)(3)” includes organizations exempt under sections 501(e) and (f) (cooperative service organizations), 501(j) (amateur sports organizations), 501(k) (childcare organizations), and 501(n) (charitable risk…

Our goal is to deliver the most understandable and comprehensive explanations of financial topics using simple writing complemented by helpful graphics and animation videos. The decision of which method to use for a particular task can be overwhelming, as there are often multiple ways to accomplish each job. Once an appropriate solution is identified, implementing…

We adapt our services as your business grows, providing tailored support to help you scale efficiently and stay financially healthy. Our tax offerings center around making sure that your business is in compliance. Whether that’s assisting with federal/state corporate returns, federal/state personal returns, tax credits, tax extensions, 1099s, quarterly tax estimates, or something else tax-related,…

The first figure on a statement of retained earnings is last year’s ending retained earnings balance. Look at the retained earnings on your balance sheet or search through your general ledger, find the retained earnings account, and note down the closing balance. Your company’s balance sheet may include a shareholders’ equity section. This…

The salvage value is the estimated residual value of the asset at the end of its useful life. In addition to straight line depreciation, there are also other methods of calculating depreciation of an asset. Different methods of asset depreciation are used to more accurately reflect the depreciation and current value of an asset. A…