Bookkeeping Blog

Account For Withholding Tax On Sales Invoices

Edwards Accounts Payable system for the first time, you can use the Withholding Tax Revisions screen to load open withholding tax information from your previous system. You can revise the withholding tax information that the system stores in the With... Read more

Purchase Discount Journal Entry

Under the perpetual inventory method, the buyer records it as a reduction in its inventory account. For example, suppose you receive an invoice for $1,000 offering a 2 percent discount if paid by the 25th of the following month. Debit your purchases ... Read more

What Is Accounting?

Generally speaking, however, attention to detail is a key component in accountancy, since accountants must be able to diagnose and correct subtle errors or discrepancies in a company’s accounts. The ability to think logically is also essential,... Read more

Accounting Cycle Steps Explained

Debits are used to indicate money spent and credits are used for money that is received. Is to keep track of the full accounting cycle from start to finish. The cycle repeats itself every fiscal year as long as a company remains in business. Reconcil... Read more

Controllers Career Guide

(Private company CFOs make 45% less than those at public companies.) Tack on benefits and bonus and you can expect to pay $225,000 to $275,000 depending on business size. Champions of controllership find ways to innovate, automate, and scale accounti... Read more

What Is Accounts Payable?

The account Notes Payable is a liability account in which a borrower's written promise to pay a lender is recorded. (The lender record's the borrower's written promise in Notes Receivable.) Generally, the written note specifies the principal amount, ... Read more

5 Key Accounting Assumptions

Some companies that operate on a global scale may be able to report their financial statements using IFRS. The SEC regulates the financial reporting of companies selling their shares in the United States, whether US GAAP or IFRS are used. The basics ... Read more