Bookkeeping

Economic and political decisions can have serious consequences on the construction industry. Factors like the price of equipment, labour and materials can change quickly. The percentage of completion method is often ideal for long-term contracts because tax calculations are made each year. Setting up a Construction Bookkeeping System Unfortunately, it’s not as simple as agreeing …

Bookkeeping for Construction Companies: The Ultimate Guide Read More »

If he deducted all the costs in 2008, he would have a loss of $20 in 2008 and a profit of $180 in 2009. Most countries’ accounting and income tax rules (if the country has an income tax) require the use of inventories for all businesses that regularly sell goods they have made or bought. …

Cost of Goods Sold COGS Explained With Methods to Calculate It Read More »

Like treasury stock transactions, income or loss for the current period is not affected, nor can retained earnings be increased when capital stock is retired. When reissuing treasury stock under the cost method, treasury stock is credited at its original repurchase cost. If reissued above the repurchase cost, any gain is credited to APIC; if …

Retirement of Treasury Stock Redemptions, Calls, & Purchases Read More »

With outsourced accounting services, you also get flexibility in adjusting the level of service to meet the seasonal needs of your business. While outsourcing accounting tasks can offer numerous benefits, there are potential drawbacks to be aware of. Outsourcing may result in a less hands-on approach and a possible loss of control over your financial …

Accounting Outsourcing: How to Hand off Your Financial Tasks With Recommendations Bench Accounting Read More »

Once the data is collected, the next step is to compare the transactions recorded in QuickBooks with those listed in the bank statements, addressing any discrepancies. Adjustments may be necessary to rectify any inconsistencies and ensure that the financial records accurately reflect the actual bank activity. This process is crucial in achieving reconciliation accuracy, as …

Reconcile an account in QuickBooks Desktop Read More »

For a larger business, we generally recommend more frequent reporting so you can monitor performance and manage cash flow. Monthly COGS reporting gives you the most detailed view of business performance. Cash and credit purchases require a debit to Inventory and a credit to either Cash or Accounts Payable. On April 15, Metro company sells …

Perpetual inventory system explanation, journal entries, example Read More »

Managing subcontractors is a significant part of construction projects and ensuring timely and accurate payments is critical. Construction bookkeeping services track all subcontractor agreements and payments, ensuring compliance with contracts and reducing the risk of disputes. Additionally, accurate tracking helps in managing retainage and final payments, keeping relationships with subcontractors strong and projects on schedule. …

Comprehensive Real Estate Accounting Guide: From Basics to Advanced Read More »