Category: Bookkeeping

In contrast, a standard swap sets the interest rate in advance, at the beginning of the coupon period, and pays the interest in arrears, at the end of the coupon period. The same distinction holds for other interest rate derivatives, e.g. caps, floors and swaptions. An arrears swap is a type of interest rate swap […]

But normally these accounts can stay on your credit report for up to seven years from the date of the first delinquency. We also see that depending on the type of account, circumstance, and severity of the delinquent payment, they each have different consequences. If the likelihood of recovery is deemed unlikely, the creditor may […]

If you don’t feel comfortable with a freelancer, there are many firms that offer bookkeeping services as well. While the basics of accounting haven’t changed in over 500 years, the practice of bookkeeping has. Bookkeeping was once done manually using actual books called journals and ledgers. Because bookkeeping is based on double-entry accounting, each transaction […]

More so, are also usually well-experienced in handling accounting roles for different types of industries. Offshore accounting refers to contracting out a portion or portions of your accounting processes to a third-party services provider. When you outsource accounting to a CPA or any other firm, ensure that they fit your unique business requirements. You may […]

Some even become substitutes, consultants, or auditors, using their accounting skills in different capacities. You typically maintain accurate accounting records across all transactions while communicating with others. A bookkeeper’s job comprises maintaining and balancing financial records, including transactions from coworkers. It’s a key component of the accounting process and can be done as frequently as […]

However, when you work directly with an expert, you’ll receive personalized service along with a tailored plan that takes into consideration your unique situation. Many offshore firms specialize in providing particular types of services, like payroll processing or taxes, and some offer a combination of services. Each of our premium services is designed to help […]

It is possible that you are misreading the part number of the item on the shelf, or guessing at its identification because there is no part number at all. If so, get a second opinion from an experienced warehouse staff person, or compare the item to the descriptions in the item master records. Another option […]

Then, document the entire reconciliation process by creating a report or summary. When you’re looking at your credit card bill, you might wonder whether it’s best to pay the statement balance or the current balance. It’s pretty common for the current balance to be higher than the statement balance. Let’s say your credit card company […]

Also be on the lookout for an increase in the allowance for doubtful accounts. If companies aren’t able to collect from customers anymore, they won’t be able to pay their bills. Companies are required to anticipate the percentage of accounts receivables that will go unpaid based on historical losses. This number is called the allowance […]

In this case, an adjusting entry must be made at the end of the current period in order to accrue the commission earned but not yet received. It helps you keep track of the money you’ve earned but haven’t received yet. Accrued revenue is an important concept for beginning investors to learn and understand. But […]