Category: Bookkeeping

•   In business bank accounts, outstanding checks can cause hiccups in accounting if not tracked well. If you wrote a check that is outstanding for more than a few weeks, there are steps you can take to resolve the situation. First, know that outstanding checks expire, often after six months, but sometimes as quickly as…

In addition, accounting makes it possible to create financial projections to plan for the future and anticipate sales and expenses. Without accounting, it would be incredibly difficult to gauge your business’s performance and whether it’s on track to meet its goals and obligations. Let’s say a client just paid their invoice online, or money was…

The difficulty of your courseload is important – the more difficult your classes, the more colleges are willing to excuse a dip in GPA. We explain what a good or bad GPA is and run the numbers on the average high school student. In our example above, since Matan’s A came from an AP class,…

The corporation (entity) will also be notified if its election isn’t accepted. The corporation (entity) should generally receive a determination on its election within 60 days after it has filed Form 2553. If box Q1 in Part II is checked, the corporation (entity) will receive a ruling letter from the IRS that either approves or…

The necessary hours of direct labor and the estimated labor rate are used to develop the direct labor budget. While the materials and labor are determined from the production budget, only the variable overhead what is a master budget can be determined from the production budget. Existing information regarding fixed manufacturing costs are combined with…