It’s important to note that different intangible assets have different methods of calculating their amortization expenses. Some assets might use straight-line depreciation while others use accelerated or unit-of-production methods. This…

The same entry will be repeated in the books of QPR Ltd. for the next 5 years until it is balanced out at the end of the period to nullify…

While ABC owes XYZ $50,000 after each monthly milestone, the total fee accrues over the duration of the project instead of being paid in installments. Welcome to AccountingFounder.com, your go-to…

Because Form 990 is a publicly disclosable document, any information entered in this block will be publicly disclosed (see Appendix D). For more information about applying for a PTIN online,…

Keep track of your income and expenses, monitor inventory and assets, and reconcile bank accounts regularly to ensure accurate financial statements. By staying on top of your finances, you’ll be able…

Sometimes, banks will deposit the interest in one month, but withdraw the money in the next month. If you run the balance sheet for the first month, it should show…

There is no easy way to track retainage (aka retention) that you owe a subcontractor or retention The Significance of Construction Bookkeeping for Streamlining Projects held on your billings. Quickbooks…

If not done correctly, contractors who operate in multiple jurisdictions can become subject to double taxation of their workforce. For better clarity, here are all the billing methods with short…

You can also control who accesses your data, and what they can see and do with it by assigning different permission levels to limit the access privileges of each user.…

Imagine that you’re waiting for a meeting with a potential client when you remember that you need to send an invoice to a different customer. In addition to comparison of…