Category Archives: Bookkeeping

What is Non Profit Accounting? How to do Bookkeeping for it?

Additionally, you’ll need financial statements to obtain and maintain funding, grants, and other forms of support. Accurate financial statements also ensure nonprofits manage charitable resources responsibly, ethically, and according to applicable laws. Nonprofit accounting and bookkeeping revolve around representing an organization’s financial records in compliance with generally accepted accounting principles (GAAP). Because nonprofit accounting is…

Full Time Equivalent FTE Formula + Calculator

In general terms, full-time equivalent (or FTE) is a unit of measure that plays an important role in calculations used in businesses, project management, or federal programs for eligibility purposes. With 14 employees, 7 of which are full-time and 7 part-time, the staffing capacity is 9.04 full-time employees per year. First, it is necessary to…

5 1: Compare and Contrast Job Order Costing and Process Costing Business LibreTexts

The information that is stored can be used as empirical data to help the company evaluate its own efficiency and reduce costs by changing its procedures, methods, or staffing. For example, some items that are classified as overhead, such as plant insurance, are period costs but are classified as overhead and are attached to the items produced as product costs. The…

Job Order Costing Guide

Indirect costs are any materials that are needed to supplement the production process. For example, the oil  and coolant used in the paper-making machinery to keep it running and cooled during the production process would be an indirect cost. The incurred indirect costs should be allocated to the job based on previous examples. In other words, the cost for this job is assigned based on the costs…

What are Retained Earnings? Guide, Formula, and Examples

It’s sometimes called accumulated earnings, earnings surplus, or unappropriated profit. Retained earnings are the profits that a company has earned to date, less any dividends or other distributions paid to investors. A reasonable amount of retained earnings is needed to pay for investments in fixed assets and working capital, as well as to convince lenders…

Best Virtual & Outsourced Accounting Services 2023

Content Benefits of Shifting to Virtual Accounting Industry Overcome accounting challenges by hiring a virtual accountant Specialize Your Accounting Skill Set Why QuickBooks How to Become a Virtual Accountant Compare runner-up bookkeeping service features The Evolution of Payroll Software: A Look at How UK Solutions Have Adapted Over Time Accurate books means stress free tax…

Trade Payable vs Non Trade Payable

Content Is it a Current or Non- Current Liability? account payable What is Accounts Payable vs. Accounts Receivable? More meanings of payables Different Account-Management Approaches Account Time Frames The Role of Internal Controls and Audits in the Account Payable Process How to identify and record the Accounts Payable? Accounts payable (AP) is a current liability…

Paying Off a Car Loan Early: Can and Should You Do It?

Nearly every car loan uses a simple interest formula, meaning your interest charges accrue daily based on your loan balance. Each time you make a car payment, part of that payment is applied to the interest that accrued and the rest is applied to your principal. You can ask to see an amortization schedule that…

Daily Sales Journal: Grey Leather Expense Ledger, Stock Record Tracker, Daily Sales Log Book, Journal Notebook for Personal, Company and Business .. Book Size.: Volume 11 Office Supplies : Planner Journals, Ultimate: Amazon.co.uk: Books

Content Your Etsy Privacy Settings ** The Sketchbook Challenge Pocket Journal 2023 is available now ** Lotus A6 Notebook and Refill, Spice Brown Explore related searches Tea Dyed Journal Receive a monthly newsletter of sketching tips and inspiration… The journals will be posted out via Royal Mail first class post within 1-3 days of ordering. The…

Management accounting Wikipedia

It’s also a great option if you love supervising, doing analysis, working with financial statements, making decisions, solving problems, and if you work well with others. In order to become a management accountant, you’ll need at least an undergraduate degree. Professional designations, like the CMA and the chartered global management accountant designation, management accounting and…