Category: Bookkeeping

It works well to cover small impromptu expenses—like a tip for the kid delivering pizzas to the lunch meeting, or cab fare home for employees working late. Petty cash refers specifically to money—literally, coins and bills—that a company keeps on hand for small outlays, usually because using cash is easier than using a check or… Continue reading How To Do Petty Cash Accounting & Recording in 6 Steps

Fund accounting software tends to be a bit more expensive but will minimize fund accounting mistakes. Amounts in unrestricted funds can be transferred to other funds if management decides they are needed. The concept of restricted and unrestricted funds is unique to fund accounting. This segregation allows organizations to demonstrate compliance with donor wishes and… Continue reading Shadow Fund Accounting: A Comprehensive Guide

However, it’s essential to consult with a tax professional or refer to the tax regulations of your country to determine eligibility and specific deductions. What may be deductible for one person or business may not be the case for another. Employees can track and report incidental expenses by keeping receipts and documenting the purpose of… Continue reading What Are Incidental Expenses? Types, Examples, and Accounting Tips

You’ll also appreciate its huge network of QuickBooks ProAdvisors, making it easy for you to enlist professional help when needed. JOBPOWER offers an ERP solution with an integrated GPS location tracker and a map. The GPS tracker helps field supervisors and managers track the location of their employees, especially if they’re working in the field.… Continue reading The Best Construction Accounting Software

The goodwill impairment test is an annual test performed to weed out worthless goodwill. That being said, the way this amortization method works is the intangible amortization amount is charged to the company’s income statement all at once. Using this method, an asset value is depreciated twice as fast compared with the straight-line method. Depending… Continue reading What is Amortization? Overview, Key Formulas, and Examples