Categoría: Bookkeeping

So if your business receives cash payments and then wants to deposit this, you would make a deposit at the bank and keep a copy of the deposit slip. Deposit slips are documents that serve as proof that cash has been deposited into a bank account. They are the primary source documents for sales and…

Recording undeposited funds appropriately is crucial for maintaining transparency and accuracy in financial reporting. By managing undeposited funds effectively, businesses can gain a clear picture of their cash flow, reduce errors, and maintain a precise record of their financial activities in QuickBooks Online. When you put money in the bank, you often deposit several payments…

In double-entry bookkeeping, the left and right sides (debits and credits) must always stay in balance. The journal entry includes the date, accounts, dollar amounts, and the debit and credit entries. You’ll list an explanation below the journal entry so that you can quickly determine the purpose of the entry. In double-entry accounting, debits (dr)…

You must treat an improvement made after 1986 to property you placed in service before 1987 as separate depreciable property. Therefore, you can depreciate that improvement as separate property under MACRS if it is the type of property that otherwise qualifies for MACRS depreciation. For more information about improvements, see How Do You Treat Repairs…

Here's the journal entry the company passes for interest expense and interest payable on the balance sheet. At the end of the first month, as the company accrues $20,000 in interest, the company would debit $20,000 as interest expense and credit the same amount as the interest payable balance sheet. If a business takes out…

This type of data is valuable to criminals and they are always looking for insecure points of entry. To reduce the risk of a security breach when you outsource, make sure the partner you choose has strict security measures in place. For example, they should comply with data protection laws such as the GDPR. Choose…