Bookkeeping

The purpose of this legal overhaul was to reduce the unnecessary burdens and costs placed on smaller NFPs and to strengthen governance and accountability overall. To achieve this, the act established new threshold requirements for the submission of annual financial statements prepared in accordance with GAAP to the New York State Charities Bureau. It also […]

The main accounts within your COA help organize transactions into coherent groups that you can use to analyze your business’s financial position. In fact, some of the most important financial reports — the balance sheet and income statement — are generated based on data from the COA’s main accounts. Large and small companies use a

This is due to calculating bad expense using the direct write off method is not allowed in reporting purposes if the company has significant credit sales or big receivable balances. Bad Debt Expense increases (debit), and Allowance for Doubtful Accounts increases (credit) for $48,727.50 ($324,850 × 15%). Let’s consider that BWW had a $23,000 credit

But diving further into the three sections of the statement, it becomes clear that only $6,000 of that came from your day-to-day operating activities. One such section is the cash flow from the financing activities component, which is the topic of today’s lesson. Cash comes in, cash goes out, and the cash flow statement describes

Walmart’s cash flow was positive, showing an increase of $1.09 billion, which indicates that it retained cash in the business and added to its reserves to handle short-term liabilities and fluctuations in the future. To do this, make sure you locate the total cash inflow and the total cash outflow. By consistently monitoring and optimizing

You’ll have 45 days to respond with new records, following the instructions in your letter. You don’t need to have your ITIN to submit a tax extension. I’m not going to spend much time getting into these, since they don’t apply to most people. But if you want to learn more, read page 10 of

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Virtual financial consultants (aka robo advisors) can offer assisted advisory solutions for wealth managers and investment advisors. The robo-advisors use algorithms to automate portfolio management, charge low portfolio management fees, and provide a range of services, including tax strategies, access to human advisors, and a variety of portfolio options. Kasisto is the creator of KAI,