What Is Consignment Accounting and Its Format?
In that case, the consignor doesn’t need to pass any double entry since the risks and rewards stay the same. The first double entry is to record the sale made through the consignee, while the second double entry is to record the decrease in inventory. Therefore, the consignor can only reduce its inventory account once […]
What Is Form 941? Facts and Filing Tips for Small Businesses
In Part One, the employer reports the number of staff employed, their compensation, and the taxes owed. This part also indicates whether the employer owes taxes (balance due) or has overpaid employment taxes. Any overpayment can be applied toward the next quarter or received as a refund. The choice is indicated by checking the appropriate […]
Contra Account Definition, Types, and Example
Strict penalties should also be imposed for late and poor-quality processing of documents. A company receives rebates for advertising it does on behalf of brands it carries in its stores. For example, a grocery store displays advertisements for a national brand in its weekly flyer. The national accounting for joint ventures brand gives the grocery […]
Unit Contribution Margin What Is It, Formula, Examples
The variable costs involved in delivering this service, such as server expenses and customer support costs, total $200 per subscription. In this scenario, the contribution margin for each subscription would be $800, which is the revenue of $1,000 minus the variable costs of $200. This means that the company has $800 left to pay for […]
Hillsboro, Oregon
Our offboarding is pretty straightforward as we transfer account ownership to you. As a bonus, there’s no stopping you from replicating the workflows we’ve created for your in-house process – in fact, we encourage it. Each month, your bookkeeper organizes your business transactions and prepares financial statements. We at Bob M Keller, CPA, practice a disciplined, integrated […]
QBI on rental income with Section 1231 capital gain from property sale
The ordinary income from a net Section 1231 gain is typically included in Qualified Business Income (QBI) when calculating the QBI deduction for eligible pass-through entities. Taxpayers may add a newly acquired trade or business to a previous aggregation (whether acquired in a taxable or nontaxable transaction). A significant change in facts and circumstances that […]
5 Experts Explain Why Bookkeeping Is Not a Dying Profession
These advancements automate routine tasks, enabling us to focus on more complex aspects of financial management and advisory roles. Recently, I worked with a client who needed a complete overhaul of their QuickBooks Online system. This task Restaurant Cash Flow Management was crucial for ensuring their financials were accurate and ready for tax season. It […]
