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    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…
    Posted on John Peterson
    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…
    Posted on John Peterson
    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…
    Posted on John Peterson
    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…
    Posted on John Peterson
    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…
    Posted on John Peterson
    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…
    Posted on John Peterson
    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…
    Posted on John Peterson
    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…
    Posted on John Peterson

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