The Basics of Sales Tax Accounting Journal Entries

Once the sales taxes are remitted, you’ll debit the Sales Tax Payable account and credit Cash. Most states enforce sales tax on some goods and services. If you sell a physical product or a service that isn’t exempt from sales tax, you may need to collect sales tax on sales within your state and possibly […]

Accounting for Sales Tax: What Is Sales Tax and How to Account for It

Therefore, until the business remits the sales tax to the government, it records the collected amount as a current liability on its balance sheet, typically under “Sales Tax Payable” or a similar account. U.S. taxpayers can lower their individual federal income tax bill by claiming the state and local tax deduction offered by the federal […]

Absorption Costing Explained, With Pros and Cons and Example

General or common overhead costs like rent, heating, electricity are incurred as a whole item by the company are called Fixed Manufacturing Overhead. Calculating usage involves determining the amount of usage of whatever activity measure is used to assign overhead costs, such as machine hours or direct labor hours used. The accuracy of product costs […]

Best Bookkeepers in Irvine California Bookkeeping Services

Martin Accountancy Corporation is an accounting firm in Irvine that has been in the industry for the last four decades. Its team comprises proactive tax planners who provide tax preparation solutions to charitable remainder unitrusts, consultants, athletes, business owners, and other high-net-worth individuals. They have experience working with tax authorities and ensure clients receive competent […]

Bookkeeping for Nonprofits: Best Practices, Tips, Resources, FAQs

Any money that enters the nonprofit needs to reflect on the organization’s tax forms in some way. For example, some donors give money every month, and others donate once or give in-kind donations. A nonprofit will need to provide receipts so donors can write off these donations. Outsourced bookkeeping can help an organization handle these […]

Double-entry bookkeeping: What it is and why its important for small businesses

Double-entry accounting, also known as double-entry bookkeeping, is the standard method of recording transactions in two or more account entries. Just like the name suggests, every transaction will be accounted for in two entries to your account ledger. Are you a small business owner who employs more than one worker, or is looking to apply […]

HubSpot for Startups Financial Projections Template

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time. CO—is accounting services for startups committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. What’s the difference […]

I got Davis! Match Day places medical students into residency programs

We’ve chosen 11 of the best Bookkeeping courses from the top training providers to help you find the perfect fit. The BCS Lab is here to help you complete your educational and career goals. Residency is an intensive training program that lasts anywhere from three to seven years, depending on the medical specialty. It’s a […]