The buyer assumes all risks and benefits of ownership as of the moment the shipment arrives at the shipping dock. Also, under FOB destination conditions, the seller is liable for the merchandise’s transportation costs. FOB destination means that ownership of goods does not transfer from the seller to the...

Content Is prepaid insurance a debit or credit? Why prepaid, or what are prepaid expenses? An Exception to the Current Asset Rule Prepaid Insurance in Balance Sheet AccountingTools Continue the process until the prepaid expense account is $0 Pay the expense Effect of Prepaid Expenses on Financial Statements At...

Content Help Fight Fraud and Protect Your Business National payroll tax systems Is payroll tax income tax? Employers may also be required to: for Filing and Paying Withholding Federal Unemployment Tax This guide is intended to be used as a starting point in analyzing an employer’s payroll obligations and...

Content Step 1: Purchase the right accounting software Understand net sales revenue. Why Are Accounting and Bookkeeping Important for Amazon Seller Businesses? Should You Save Money and Do Your Own Bookkeeping with an Excel Spreadsheet and Amazon’s default reports? Integration with Software What is the rate per hour for bookkeeping? It doesn’t make...

Content Additional skills Conclusion – The Jobs, Skills, Salary & Career Paths of Bookkeepers How to build your bookkeeper network How Much Money Can Bookkeeping Businesses Really Make? Bottom line: You can learn to become a bookkeeper in less than a year and launch a new career Good bookkeeping...

Content A Beginner’s Guide to Restaurant Bookkeeping and Accounting Download our free inventory template How do you create a restaurant P&L? Expense Tracking a. Profit and loss statement Not using a restaurant-specific accountant When you enter incorrect information into your books, you’re also skewing financial reports and KPIs. “Earnings...

Instead, if you outsource accounting, you can let well-experienced accountants take charge of your bookkeeping. Ernst & Young Tax Co. can advise you on changes that may affect your business, assist you with tax compliance, and represent you in the event of a tax audit. We also have the...

Some suppliers require customers to make deposits when placing orders. The supplier wants to ensure that the customer will show commitment when placing an order. It will be a problem when supplier gets the product ready and the customer cancels the order. They will lose working capital to maintain...