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Bookkeeping

Bookkeeping

Filing Forms 8655 and 8633 to e-file Forms 940 and 941 in EasyACCT

For leave taken after March 31, 2021, and before October 1, 2021, the limit resets and the total qualified family leave wages can’t exceed $200 per day or $12,000 in the aggregate per employee. If you’re a third-party payer of…
Bookkeeping

Which account types have a normal debit balance and why?

At this point, the costs incurred during the production process need to be transferred from the Work in Process Inventory to the Finished Goods Inventory. The Work in Process Inventory account represents the costs of partially completed products that are…
Bookkeeping

Cost of Goods Sold Learn How to Calculate & Account for COGS

The only costs included in the metric are those that are directly related to the production of the goods, such as the cost of labor, materials, and manufacturing overhead. Cost of goods sold (COGS) is the cost of purchasing or…
Bookkeeping

Accounting KPIs and Tips for Bookkeeping Performance Management

A big problem is that it’s taking companies too long to complete the process. This study discovered that it takes roughly 78% of businesses more than three days to close the books. Even if you aren’t planning on growing any…
Bookkeeping

Manufacturing Overhead: Definition, Formula and Examples

These are indirect production costs other than direct material, direct labor, and direct expenses. If your manufacturing overhead costs were $200 and your sales were $300. This means that 66.67% of your production costs are considered manufacturing overhead. The image…
Bookkeeping

Capital and revenue expenditures definition, explanation and examples

Rather than write off the cost as a revenue expenditure, you spread it out over the life of the new asset. In order to properly account for revenue expenditures, they need to be charged to expense as soon as the…
Bookkeeping

Creatinine Levels: Test, Range & Symptoms of High Creatinine

In traditional double-entry accounting, debit, or DR, is entered on the left. A debit reflects money coming into a business’s account, which is why it is a positive. Since almost all of our operating software today is a descendent of…
Bookkeeping

What is Amortization: Definition, Formula, Examples

This method is sometimes used to account for the fact that some assets lose more value early in their useful life. Although the amortization of loans is important for business owners, particularly if you’re dealing with debt, we’re going to…