Category: Bookkeeping

Non-trade receivables are amounts owed to a business that are not related to the business’s primary operations involving the sale of goods or services. While trade receivables (often simply called “receivables”) typically come from customers who have purchased goods or services on credit, non-trade receivables originate from other sources. current electricity meaning Provision matrices are […]

Non-trade receivables are reported on the balance sheet, categorized as either current or non-current assets depending on their maturity. Non-trade receivables, depending on their maturity, can be classified as current or non-current assets. Companies often use receivables as collateral for a loan or a bank line of credit. The receivables are pledged as security for […]

how invoice financing workss can be broken down into cash and credit transactions or internal and external transactions. Internal transactions happen between people who are closely related or who are part of the same organization. For example, a business might record depreciation on a fixed asset, a loss due to fire, or provide services to […]

For instance, GDPR violations can result in fines of up to 4% of annual global turnover. In international trade, compliance with various trade laws and regulations is critical to avoid legal issues and maintain smooth operations. When the payment or receipt of cash is not made immediately at the time of the transaction, and is […]

By eliminating complexities and reducing manual tasks, we focus on improving your business while ensuring efficiency and minimizing errors. Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, […]

In doing so, the buyer isn’t privy to the dealer’s original transaction or the markup. From the buyer’s perspective, the only cost for the bond purchase is the small transaction fee. Should bond buyers try to immediately sell the bonds on the open market, they would have to make up the dealer’s markup on the […]

A deferred charge is the equivalent of a long-term prepaid expense, which is an expenditure paid for an underlying asset that will be consumed in future periods, usually a few months. Prepaid expenses are a current account, whereas deferred charges are a non-current account. As a company realizes its costs, they merger model then transfer […]

Nonprofits must also be careful to record and report the valuation of specific employee benefits, which can count as taxable income if not reported properly. “A nonprofit’s UBTI includes any qualified transportation fringe benefits and on-premises athletic facilities provided to employees,” said Treppa. Some of a nonprofit’s income can be taxable if not reported or […]

The beginning balance amount should match what’s on your bank statement for the same start day. That being said, we can fix the opening balance by entering it of your real-life bank account. To keep accurate financial records, you need to have an organized and accurate chart of accounts. An important part of this is to […]

You have to decide whether you want to spend the time upfront building your records or take time out when you’re in the middle of sales or purchase forms. Most small business accounting services also offer the option to import existing lists from CSV and XLS files. Recently, the company added an $8-per-month charge for […]