Purchase discounts taken

Any transaction related to inventory (e.g. purchase, sale, discount, return, etc.) will be recorded directly into the inventory account. Likewise, the discount above will reduce the cost of inventory by $60, hence, it needs to credit the inventory account by 60 in the journal entry in order to have a fair valuation of inventory under … Read more

How to Calculate FICA for 2020 Workest

Exemptions also apply to some nonresident aliens, including foreign government employees and teachers. Certain religious groups (like the Amish) may apply for an exemption from FICA taxes by filing IRS Form 4029. But by not paying these payroll taxes, they waive the right to receive Medicare and Social Security benefits. Generally, you can take a … Read more

Current Ratio: Definition, Formula, Example

When analyzing a company’s liquidity, no single ratio will suffice in every circumstance. It’s important to include other financial ratios in your analysis, including both the current ratio and quick ratio, as well as others. If a company has a current ratio of more than one then it is considered less of a risk because it could liquidate its current … Read more

What is Human Resource Management HRM?

Since value is driven by people more than any other factor, categorizing employees as financial liabilities is a major problem for businesses in today’s knowledge-based organizations. Because of this “out-dated” approach, the manager’s mindset is inherently, and significantly, out of focus. This contribution makes them highly invaluable and intangible as these efforts and dedication have no … Read more

Credit Sales Formula + Calculator

Get this delivered to your inbox, and more info about our products and services. “If you bought a bunch of stuff and you entered into several BNPL plans around the same time, you’re going to be having these withdrawals from your account within a short time frame of each other,” said Rathner. BNPL accounts can … Read more

Finance and accounting outsourcing Services

You can also book monthly check-ins and tax reviews without paying an extra fee. It’s also ideal for brand-new businesses because FinancePal can help with entity formation. According to GrowthForce, outsourcing your bookkeeping will come with a price tag that spans anywhere from $500 to $2,500 per month. Its bookkeeping service comes with its Enterprise … Read more

Best Accounting Software For Amazon Sellers 2023 Review

By finding and deploying a compliance automation solution there, the company eliminated 4-6 weeks of manual policy rewrites and cut engineering time by 50 percent. AWS Cloud has a network of top software providers who can help you begin the process. Integrated payroll is available via Sure, and Kashoo even offers project-level budgeting for sellers … Read more

QuickBooks Online vs QuickBooks Desktop 2023

Basically, what you get in the QuickBooks desktop version you download is what you get, and you only get it in a limited access space. Therefore, the desktop version is built out with in-depth features in specific areas such as payroll, job costing, and inventory systems. While it is great to have all these features … Read more