Category: Bookkeeping

In just a few minutes (or hours for longer documents), you’ll receive your corrected text. Review the changes, make any final adjustments, and confidently share your polished English with the world. You can count on a personalized, friendly service every time you use TextRanch. Within the accounting field, both work in process and work in…

It ensures that the business will profit fully by paying a percentage at each stage. It is typically used in the context of manufacturing or business processes. Have you heard someone say that something is a ‘work in progress’ or ‘work in process’? We’re committed to helping you make a great impression with every word…

It also offers many benefits like automatic payroll, invoicing, expense management, account reconciliation, e-receipts, etc. If you have multiple locations or business entities, the Square and Xero integration makes it easy to manage all of your transactions in one place. You can set up bank rules to automatically categorize your transactions, and you can use…

If you’re using Square and Xero for your business, it’s important to understand the tax implications. If you need a hand with setting up your new integration, you can book a support session with the experts over at Amaka, or check out their setup guide. One thing that is limited is I can’t seem to…

While it might be less than ideal to underspend when your organization has the capacity to spend more, it’s far worse to overestimate fundraising or grants and end up scrambling to cover costs. This is crucial for budgeting because it helps you anticipate tight spots and plan accordingly. It’s especially important for nonprofits that may…

On March 28th, Power Tools purchased office supplies on account from Eco Supplies for $750. Usually, debits have a left alignment in the entry field while credits are indented or aligned with the right side of the line. This is an easy method for quickly identifying which transactions are deposits, and which ones are withdrawals.…

Purchase of assets on credit, the stock of goods at the year-end, rectification of errors, adjustment of accounts, etc. are recorded in journal proper. At the time of selling the seller can sell this commodity granting a 5% trade discount i.e. the buyer gets the benefit to sell the commodity at $95. Trade discount is…

It is crucial to not only understand where your funds are coming from but also to anticipate the expenses related to your strategic objectives. Generally speaking, there are two ways to organize expenses in your nonprofit’s operating budget. The natural expense method categorizes costs according to the nature of payments made, while the functional expense…

By analyzing PPV, you can identify cost discrepancies and evaluate procurement efficiency. Purchase price variance (PPV) is a key indicator for procurement, offering insights about cost-savings and supplier-negotiation. Factors like sourcing and negotiations impact PPV positively, while inflation and maverick spending affect it negatively. Maverick spending is a contributor to unfavorable purchase price variance in…

This structured approach ensures variances get the attention and accountability they deserve. Recording purchase price variance in accounting involves specific journal entries to capture the variance between standard and actual costs. The process starts when you receive goods and continues through invoice payment, with purchase price variance tracked as a separate account for analysis and…