Thus, we know and understand that how unique this industry is and provide Travel Agency Accounting solutions based on it. To maintain the up-to-date record of all credit sale, travel company prepare a sales journal. Stop the operator from modifying invoices, backdate billing, altering vouchers, changing the price of fixed price products, etc. Customers simply … Continue reading “Travel agency accounting: Accounting for Travel Agency & Travel Business”
Imagine how common transposition errors were before businesses maintained their books using software. In the analog days, people would record transactions in two separate books — the general journal and the general ledger. With more manual data entry, the likelihood of a transposition error goes up. In an earlier work on Urdu spell checking, Naseem … Continue reading “Transposition error: Transposition Error: Definition, Causes, and Consequences”
If so, management might delve into the purchasing process, to see if inventory can be acquired and stored in smaller volumes. It might also push management in the direction of outsourcing some production activities that are generating excessively high scrap levels in-house. Either approach has the added benefit of reducing inventory storage costs, which reduces … Continue reading “Total manufacturing cost: How To Calculate Total Manufacturing Cost? MRPeasy Blog”
Say you close your temporary accounts at the end of each fiscal year. You forget to close the temporary account at the end of 2021, so the balance of $50,000 carries over into 2022. Either way, you must make sure your temporary accounts track funds over the same period of time. For instance, when you … Continue reading “Temporary accounts: What Are Temporary Accounts?”
Expensing these items upfront is more attractive because of the quicker tax benefit. Fortunately, the IRS gives business owners several ways to write off the full cost in one year. To claim these deductions, you’ll need to keep accurate records and stay on top of your monthly bookkeeping. By locating the $6,000 in contractor expenses, … Continue reading “Tax write off: What is a Tax Write-Off? Tax Deductions Explained The TurboTax Blog”
One of the most time-consuming parts of filling out the tax form is gathering documents, including your financial statements and receipts. The other is interpreting what your documents are telling you. The paid preparer section of Form 1120 is only for individuals you pay to prepare the return. This does not include employees or anyone … Continue reading “Tax form 1120: Corporation Forms”
It’s important to read the fine print as provided by the issuer. After 1-3 years, Western Union will charge a fee against the value of the money order. U.S.P.S. money orders do not expire and retain their value indefinitely. Plus, the person who wrote the bounced check might be charged a non-sufficient funds fee of … Continue reading “Stale dated checks: Cashing Old Checks: How Long Is A Check Good For?”
