Category: Bookkeeping

You can deduct only the amount that’s equal to the gambling winnings you reported for the current tax year. In this case, you can deduct any claim right of income repayments over $3,000. You can deduct the amount of these expenses that exceeds 7.5% of your federal adjusted gross income (AGI). You may qualify for…

Under the order of liquidity method, an organization’s current and fixed assets are entered in the balance sheet in the order of the degree of ease with which they can be converted into cash. Balance sheet liquidity is a measure of a company’s ability to meet its financial obligations with its liquid assets. You can…

Whether you’re paying for employees, supplies, materials, equipment, or space, Freshbooks has you covered with professional and convenient tracking features. You can even use its payroll advanced expense tracking functionality to set up recurring payments (e.g., retainer payments) and easily track your time, sales, and expenses throughout the year. In this review, we will look…

Liabilities, on the other hand, represent obligations a company has to other parties. Financial statements, such as the balance sheet, represent a snapshot of a company’s assets, liabilities, and equity at a specific point in time. Assets and liabilities are treated differently in that assets have a normal debit balance, while liabilities have a normal…

By accessing and using this page you agree to the Terms and Conditions. By accessing and using this page you agree to the Website Terms of Service. Use these guides and videos to master Digits quickly and unlock its full potential for your business. Since you’re using an Android device, I can guide you through…

All the expenses and losses as well as all the incomes and gains come under Nominal Account. Expenses include Salaries Paid, Rent Paid, Discount Allowed, etc. and Incomes include Commission Received, Interest Received, Discount Received, etc. Expenses and liabilities should be recognized as soon as possible, even if uncertainty exists, while revenues trial balance and…