Adjusting Journal Entries Financial Accounting

An adjustment can also be defined as making a correct record of a transaction that has not been entered, or which has been recorded in an incomplete or incorrect way. Keep in mind, this calculation and entry will not match what your accountant calculates for depreciation for tax purposes. But this entry will let you […]

Become a Certified ProAdvisor, QuickBooks Intuit

It’s your ticket to a prosperous and fulfilling career in the financial world. In today’s fiercely competitive job market, setting yourself apart from the crowd is paramount. Acquiring certification as a QuickBooks expert could be your golden ticket to a more prosperous and gratifying career. As a QuickBooks Certified professional, you demonstrate how to become […]

Understanding the Direct Write Off Method for Your Business Meru Accounting

The business is left out of pocket with “bad debt” to balance in the books. The direct write off method offers a way to deal with this for accounting purposes, but it comes with some pros and cons. This method allows you to create a provision or reserve account for doubtful debts credited every year […]

2 3 Presentation of assets and liabilities

Shareholder equity is not directly related to a company’s market capitalization. The latter is based on the current price of a stock, while paid-in capital is the sum of the equity that has been purchased at any price. There’s no standardized set of subcategories or required amount that must be used. Management can decide what […]

What is a credit balance?

An account’s normal balance is the side of the account that increases when a transaction is recorded. Knowing the normal balance of an account helps maintain accurate financial records, prepare financial statements, and identify errors in the accounting system. A contra account contains a normal balance that is the reverse of the normal balance for […]