Category: Bookkeeping

Department of Agriculture (USDA) to take similar action under the Packers & Stockyards Act, a law designed to ensure fair competition and prevent deceptive practices in the livestock and poultry industries. New England Retail Properties, a company that specializes in retail center leases and sales, is representing the owner of the building. Located in the […]

(ii) No later than the effective date of the updated earnings requirements, the Wage and Hour Division will publish on its website the updated amounts for employees paid pursuant to this part. The FLSA creates a level playing field for businesses by setting a floor below which employers accounting services for startups may not pay […]

In this system, every transaction affects at least two accounts. For example, if a company buys a $1,000 piece of equipment on credit, that $1,000 is an increase in liabilities (the company must pay it back) but also an increase in assets. The fundamental accounting equation, as mentioned earlier, states that total assets are equal […]

In this system, every transaction affects at least two accounts. For example, if a company buys a $1,000 piece of equipment on credit, that $1,000 is an increase in liabilities (the company must pay it back) but also an increase in assets. The fundamental accounting equation, as mentioned earlier, states that total assets are equal […]

If your business is a side project with a limited budget, you can probably get by going the DIY route. You might still consider consulting with a CPA or bookkeeper at the beginning, just to make sure you’re doing everything right. Most accounting software today is based on double-entry accounting, and if you ever hire […]

Other names for owner’s equity you may face are also net assets, or stockholder’s equity (for public corporations). Before getting into how the accounting equation https://www.bookstime.com/articles/financial-accounting helps balance double-entry bookkeeping, let’s explain each element of the equation in detail. The third part of the accounting equation is shareholder equity. Understanding the Accounting Equation Formula Off-Balance […]

DoNotPay puts time back in your hands by taking care of the tasks you’d rather not. Life is full of tasks that require time, concentration, and patience. DoNotPay wants to make as many of those as easy as possible. Below is just a sampling of the many tasks that DoNotPay can make less stressful for […]

Thus, each transaction of your business takes place in such a way that this equality between the two sides of the accounting equation is always maintained. That is, at any point in time, the resources or the assets of your business must equate to the claims of owners and outsiders. For example, say you purchase […]

Follow us on our social media channels for all the latest industry updates and information. Automate insurance verification and compliance with TenantShield. Custom rules ensure each tenant meets specific requirements identified by you. Three service levels provide the right amount of support for your organization. Experience the convenience of never having to deal with a […]

The result is a new retained earnings balance at the end of the month. Closing entries move the credit balances of revenue accounts into Retained Earnings and cause that account to increase. Closing entries also transfer the debit balances of expense accounts into Retained Earnings, causing it to decrease. When you purchase an asset, there […]