Bookkeeping 101

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy. Many … Continue reading “Cashing Old Checks: How Long Is A Check Good For?”

An accounting transaction is a business activity or event that causes a measurable change in the accounting equation. Merely placing an order for goods is not a recordable transaction because no exchange has taken place. In the coming sections, you will learn more about the different kinds of financial statements accountants generate for businesses. If … Continue reading “The Basic Accounting Equation Formula & Explanation”

This guide has information about corporate excise tax, from calculating the tax, to credits and deductions, to apportioning income. After getting your Part A, Part B, and Part C income, adjust each category of income to calculate Part B, Part A and Part C adjusted gross income, and finally calculate Part B, Part A and Part C taxable … Continue reading “Massachusetts Department of Revenue Tax Guides”

While figuring out your Illinois state income tax rate may be straightforward, not everything tax-wise is. In Illinois, the average effective property tax rate is 2.23%, which is one of the highest rates in the country. However, Illinois offers property tax breaks for some retirees. You must complete and file Schedule IL-E/EIC with your state … Continue reading “Illinois Income Tax Brackets 2023”

Located in the Pacific Northwest, Oregon is a state of contrasts. It has mountains and beaches, forests and deserts, cities and farms. Additionally, it also has a multi faceted tax system that affects how much money you take home. You need to file if your gross income is more than the amount shown below for … Continue reading “Oregon Tax Rates & Rankings Oregon Taxes”

These include commercial property cover, product liability cover and employee cover. Here are some common types of insurance that are recommended for a business depending on the type of business they operate. Company A signs a prepaid insurance journal entry one-year lease on a warehouse for $10,000 a month. The landlord requires that Company A … Continue reading “Prepaid Expenses Journal Entry Definition, How to Create, & Examples”

Some states have a flat tax rate, marginal tax rate, or don’t have any state taxes at all. General sales tax spending decisions are made after the tax election by local politicians as part of the regular annual local government budget process. Some local governments may engage in general sales tax abuses in an effort … Continue reading “California Tax Calculator 2022-2023: Estimate Your Taxes”

Florida offers several property tax exemptions that can help reduce your tax bill if you qualify for them. Exemptions are also available for older adults over age 65 and for the disabled. Florida collects taxes on many other goods and services residents pay for. Documentary Stamp Taxes are assessed on documents that transfer interest in … Continue reading “Florida Tax Rates & Rankings Florida Taxes”

For example, a billing clerk, payables clerk, or payroll clerk may report to the bookkeeper. You’ll need some experience and knowledge in accounting before you can succeed in this role. Several organizations offer accreditation for bookkeepers, so be sure to do your research and find one that’s right for you. Furthermore, a full charge bookkeeper … Continue reading “What Is a Full Charge Bookkeeper?”

Thus, on December 31, the firm reflects a high cash balance on its balance sheet. However, by the end of the first week of January, it has caught up on late vendor payments and again shows a low cash balance. The Current Assets list includes all assets that have an expiration date of less than … Continue reading “Classified Balance Sheet Financial Accounting”