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…

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…

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…

This involves comparing the balances in the general ledger with the balances in the subsidiary ledgers. Another way to detect errors is to review the journal entries for accuracy. This can be done by comparing the journal entries to the source documents, such as invoices and receipts. The single entry accounting system is suitable and…

A transaction can be a purchase, a sale, a payment, or a receipt of money. Similarly, when a company borrows money from a bank, the cash account is debited (increased) and the notes payable account is credited (increased). This reflects the fact that the company has acquired an asset (cash) and has incurred a liability…