In the example below, the board designated an additional $10,000 to the Operating Reserve since there was a larger than normal operating surplus. In addition, there was a capital project campaign (to renovate program space), and several large campaign contributions were not fully spent on the project by year-end. Some funds that were spent on(…)
Creditors assess the financial stability of a business from its financial statements. This information is required to ensure that a borrower is capable of paying back the loan to its creditor. The company records that same amount again as a credit, or CR, in the revenue section. When it comes to accounting, creditors and debtors(…)
You have every right to these documents, and there are steps you can take to obtain them. However, how to get pay stubs from previous employer if this still seems like a hassle, check out our pay stub maker to get your stub in minutes. When all fails, we’re here to streamline your payroll needs with(…)
This is best for contractors who want clients to have access to cost data and project management oversight. Because construction is project-based, you need a way to see how well individual projects are performing at a granular level, instead of trying to get a grip on your company’s financials from five miles above. This is(…)
For practical reasons, it is normal to set a minimal cost below which the item is treated as an expense and charged to the profit and loss account in the year of purchase. For example, a stapler may have a life of more than one year but because of the minimal cost will be treated(…)
Section 501(c)(3) organizations that are required to file Form 990-T after August 17, 2006, must make Form 990-T available for public inspection under section 6104(d)(1)(A)(ii). Don’t use the definition of gross receipts described in Appendix C. Special Gross Receipts Tests for Determining Exempt Status of Section 501(c)(7) and 501(c)(15) Organizations to figure gross receipts for(…)
They also provide clients with monthly or annual accounting services, from generating income statements to financial consultations. Level Tax & Travel provides bookkeeping services to Tampa businesses. It prepares and reviews balance sheets, transaction reports, and income and cash flow statements to assess a company’s financial health. They help with our finances and collaborate perfectly(…)
While it’s true that a lower DII is typically better, there are plenty of situations in which a business may make a choice that increases its DII. For example, if the supply of your product has recently been unstable, you may choose to increase inventory of it to avoid restocking issues. If you sell tangible(…)
Note that when Report Scheduling is enabled, the Reports page is divided into the Reports – Home tab and the Report Scheduling tab. If it is not enabled, these tabs do not appear and the reporting feature is presented without tabs on the Reports page. The Time & Attendance module reporting feature makes it easy(…)
Both of these actions should be governed by a formal accounting policy that states the threshold at which prepaid expenses are to be charged to expense. Current assets are assets that a company plans to use or sell within a year; they are short-term assets. If any prepaid expense will not be used within a(…)
