Therefore cash (asset) will reduce by $60 to pay the interest (expense) of $60. $10,000 of cash (asset) will be received from the bank but the business must also record an equal amount representing the fact fundamental accounting equation that the loan (liability) will eventually need to be repaid. This transaction also generates a profit…

Having somebody outside of your company who is managing bookkeeping and financial records can take a huge chunk of time off your plate. They can deal with legal compliance, employee wages, paying suppliers, managing expenses, and everything else, so you can focus on other aspects of running a company. External accounting companies will have the…

The better option is using a crypto wallet that allows for self-custody. To explain, non-custodial wallets allow you to control your private keys, thus giving you true ownership of your crypto. Every blockchain address is generated along with two related pieces of information – the private key, and the public key. These keys allow you…

Entering the ending balance in QuickBooks Desktop is a critical step in the reconciliation process, ensuring that the financial records match the closing balance of the bank statement accurately. Accessing the reconcile tool in QuickBooks Online is the initial step in the reconciliation process, allowing users to review and match the financial records with the…

If you want to make purchases or give a gift to someone else, gift certificates and gift cards are a convenient substitute for cash or using a credit card. Cards may have a serial number, barcode, magnetic strip, which is read by an electronic credit card machine. Many cards have no value until they are…

QuickBooks is an accounting software package created by Intuit. It offers solutions for managing personal, business, and tax finances. You can easily scan and upload receipts in real-time using the QuickBooks mobile app, so you don’t need to run helter-skelter to collect them at the time of taxes. If you want, you can also invite…

QuickBooks Assisted Payroll is only available to new customers under the QuickBooks Enterprise Diamond plan and costs $370/month. With QuickBooks Assisted Payroll, QuickBooks processes your payroll for you and automatically files your payroll bookkeeping for hair stylist taxes. QuickBooks Desktop Assisted handles the payroll setup for you as well. While customers aren’t limited to sending…

The preparation of these reports falls within a branch of accounting known as financial accounting. Financial statements are essential tools that businesses use to report their financial data. The income statement, balance sheet, and cash flow statement are the three key financial statements that businesses use to report their financial information. By analyzing these statements,…