Bookkeeping

Businesses can also customize their reports for a variety of goals, such as educating potential stakeholders and investors, consulting tax and accounting professionals, or improving internal processes. Interim statements offer a more timely look into a business’s operations, rather than waiting until year-end statements, which do not officially become available for months after year-end close…

In accounting the term variance usually refers to the difference between an actual amount and a planned or budgeted amount. For example, if a company’s budget for supplies expense is $30,000 and the actual amount is $28,000 or $34,000, there will be a variance of $2,000 or $4,000 respectively. Similarly, if a company https://www.kelleysbookkeeping.com/federal-insurance-contributions-act-fica/ has…

Any transactions made into or out of petty cash need to be recorded on the petty cash log. It’s also important that any money disbursed out of the petty cash fund have a receipt. Whatever you decide, it’s important that only one person have access to the fund at any time, to avoid unaccounted for…

Before applying for tax-exempt status with the IRS, you need to register your nonprofit status with your state. For example, a lawyer may review a contract for your nonprofit and refuse to charge a fee. One of the first things we need to clarify before digging deeper into bookkeeping for a nonprofit is the difference…

If current assets are those which can be converted to cash within one year, non-current assets are those which cannot be converted within one year. On a balance sheet, you might find some of the same asset accounts under Current Assets and Non-Current Assets. Short-term assets are items that a company expects to convert to…