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You don’t have to factor in expenses you haven’t paid for yet or payments you haven’t yet received. As a business owner, you want to choose the accounting method that’s right for your business. Selecting the wrong accounting method could mean paying more taxes, complicated accounting workflows, and less useful financial statements. It might also …

What Is Cash Basis Accounting? A Complete Guide Read More »

Just because churches are non-profits doesn’t mean there aren’t people on staff. It takes a lot of hard work to run a church and make a difference in the community. With a payroll system designed for the church, managing payroll, deductions, benefits, special clergy allowances, and personal time is easier because it is made with …

Ultimate Guide to Church Accounting Software Read More »

Allowance for Doubtful Accounts pairs with the Bad Debts Expense account when doing adjusting journal entries. Accumulated depreciation is not a current asset, as current assets aren’t depreciated because they aren’t expected to last longer than one year. Accumulated depreciation is the total amount of depreciation expense that has been allocated to an asset since …

Accumulated Depreciation and Depreciation Expense: A Complete Guide Read More »

Contra asset accounts play a crucial role in the management of fixed assets, providing a clear picture of the value and condition of a company’s long-term investments in physical items. By offsetting the asset accounts, contra asset accounts acknowledge that fixed assets are not worth their original purchase price indefinitely. They lose value over time …

Depreciation and Its Types in Bookkeeping: A Comprehensive Guide Read More »

It can be modified to include special building requirements for houses, condominiums, and commercial buildings. Download this easy-to-use construction invoice template, built by billing experts. Again, lump sum and unit price contracts aren’t concerned with labor costs. However, cost-plus contracts also care little about labor, so it’s okay to remove this section. Thank you for …

Free Construction Invoice Template PDF WORD EXCEL Read More »

Wire transfers and ACH transactions fall under the electronic funds transfer umbrella and are commonly used in business-to-business (B2B) commerce. Encrypt any electronic storage that contains bank account numbers and routing numbers. If you maintain paper documents with sensitive customer data, keep them in a secure place like a locked file drawer when they’re not …

How to Accept ACH Payments: A Simple Guide Read More »