It identifies discrepancies between the cash balance reported on the bank statement and the cash balance reported in a business's Cash account in the general ledger, more commonly referred to…
While the number of entries might differ, the recording process does not. For example, Colfax might purchase food items in one large quantity at the beginning of each month, payable…
Equipment is a noncurrent or long-term asset account which reports the cost of the equipment. Equipment will be depreciated over its useful life by debiting the income statement account Depreciation…
A reminder that expenses must be ordinary and necessary—common, accepted in the industry, and helpful and appropriate for your trade or business. The IRS has specific rules and regulations for…
One page shows a series of graphical flow charts that illustrate a typical workflow for a small business. The other page shows the more typical dashboard tools and data, like…
By the end of the cycle, that material has been successfully converted into the end product and sold, with the cash received in full. At the start of the calculation,…
Deferred revenue is often mixed with accrued expenses since both share some characteristics. For example, both are shown on a business’s balance sheet as current liabilities. The difference between the…
Is there any chance you could send me the video showing hot so set up accounts? Also do you have anything that explains how to best use the class and…