It provides comprehensive support for various payroll schedules, deductions, and contributions, streamlining the entire payroll process. Cancelling payroll in QuickBooks may become necessary for various reasons, such as correcting errors, adjusting employee compensation, or resolving discrepancies how much to pay yourself in tax calculations. By following the step-by-step guide outlined in this article, you can effectively cancel payroll in QuickBooks and ensure accurate financial records for your business. The upgraded features in the new payroll subscription offer more advanced tools…
What Is Back Office Software? What You Should Know
It is the financial management of a company that will work behind the scenes. In an increasingly regulated environment, compliance with applicable laws, regulations, and industry standards is paramount for financial institutions. This involves implementing robust compliance frameworks, conducting periodic audits, and liaising with regulatory authorities to address any compliance-related issues or concerns. One of the primary functions of the back office is facilitating the settlement and clearing of https://www.bookstime.com/articles/outsourced-bookkeeping financial transactions. Evolving Role of the Back Office Whether to…
The Pros and Cons of Outsourcing Accounts Payable: An In-Depth Analysis
Even if some employees are absent, the stress of covering up does not land on a sole supervisor. Additionally, since the outsourcing team only works on your accounts payable, they can deliver results much faster. If you would like to explore further how Near can help you outsource your accounts payable roles to professionals in LatAm, book a free consultation call today. Imagine the sound a hundred clown horns make when squeezed all at once. Laugh all the way to…
Accounting for Unearned Revenue Explained
James enjoys surprises, so he decides to order a six-month subscription service to a popular mystery box company from which he will receive a themed box each month full of surprise items. Every business will have to deal with unearned revenue at some point or another. Small business owners must determine how best to manage and report unearned revenue within their accounting journals. For example, suppose a business provides equipment maintenance services and invoices customers 6,000 annually in advance. When…
Deposit payments into the Undeposited Funds account in QuickBooks Desktop
Other times, funds might be in transit for several days. We once worked with a law office that was doing about $5 million in annual revenue, with a client set up on a retainer fee of $850,000. That $850,000 retainer was marked in the books both against the retainer and against undeposited funds. The result was that the undeposited funds made its way onto the balance sheet as a part of their cash assets. Start using the Undeposited Funds account…
The Accounting Cycle: 8 Steps You Need To Know
The eight-step accounting cycle is important to know for all types of bookkeepers. It breaks down the entire process of a bookkeeper’s responsibilities into eight basic steps. Many of these steps can be automated through accounting software and other technology, including artificial intelligence. However, knowing the steps and how to complete them manually can be essential for small business accountants working on the books with minimal technical support. Is keeping up with the accounting cycle taking up too much of…
Understanding Depreciation and Amortization
It is the method companies use to allocate the cost of an asset, which may be machinery, building, etc., throughout its useful life. This is done because every asset is subject to a fall in value during usage due to continuous wear and tear. The cost allocation in the form of depreciation will ultimately ensure that the final value of the asset appearing in the financial statement will reflect its true and fair current value. This only https://www.bookstime.com/articles/vertical-analysis speeds up…
Deposit payments into the Undeposited Funds account in QuickBooks Desktop
If you see a balance in Undeposited Funds on your balance sheet, you need to investigate. Now, when you check the Bank Register for your checking account, you can see the deposit posted for the correct amount. Again, make sure you are selecting Undeposited Funds from the “Deposit To” drop-down menu, and save the transaction. Here’s what you need to know about QuickBooks Online’s Undeposited Funds account to keep your business accounting operations running smoothly. Learn how to put payments…
Non-resident businesses and GST
On 1 October 2016, the taxation of digital (‘remote’) services supplied by offshore companies (non-New Zealand) to consumers based in New Zealand changed. GST was introduced in conjunction with compensating changes to personal income tax rates and removal of many excise taxes on imported goods. A non-resident business carrying out a taxable activity in New Zealand — defined by the New Zealand Inland Revenue as regular activity that involves the supply of goods or services — may need to register…
Trademark Assets Definition
Assets are recorded on the balance sheet, and considering the holding period and the physical presence they are further classified as current, non-current, and intangible assets. A company-owned long-term tangible assets are known as fixed assets. In other words, they are tangible assets that benefit a company for more than one reporting period. It grants an exclusive right to commercialize an invention. The calculation of RUL is one component in selecting and amending intangible asset guideline sale/license transactions in the…