Sales Returns and Allowances Journal Entry Definition & Explanation

When customers accept damaged products in return for a discount on the selling price, these accounting entries are made. Therefore, sales returns are goods that customers return to a company. In other words, it is the goods received from a customer due to various reasons. Usually, companies have a policy that states whether they accept […]

What is Miscellaneous Expenses? Examples And List

Businesses often have to pay ATM withdrawal fees, credit card fees, wire transfer costs, overdraft fees, and more, all of which may be deductible if they’re incurred as a cost of doing business. Businesses must pay close attention to how much money is spent on miscellaneous expenses, as it can quickly add up if not […]

Average Collection Period Formula, Example, Analysis, Calculator

More sophisticated accounting reporting tools may be able to automate a company’s average accounts receivable over a given period by factoring in daily ending balances. A lower average collection period is better for the company because it means they are getting paid back at a faster rate. This allows them to have more cash on […]

A Church Chart of Accounts Explanation Part 1 Icon Systems

For example, a stock can be converted to cash within a few days but a fixed asset such as a building or land could take weeks, if not months, to convert to cash. This order is for a for-profit company but nonprofits follow a similar outline. If your operating budget is your church’s master financial […]

9 Essential Steps for Setting Up a Construction Accounting System E-DAC Learning System

The team here at LM Accountants has years of experience and prides itself on offering a premium bookkeeping service. To achieve this, we utilise the latest in cloud software and bespoke bookkeeping apps, improving efficiency and removing any room for human error. Therefore, we also provide manual bookkeeping services, removing the hassle of switching systems […]

I-9 Forms: Test Your Knowledge

Enter “COVID-19” as the reason for the physical inspection delay. On the form, an employee must attest to their employment authorization. The employee must also present their employer with acceptable documents as evidence of identity and employment authorization. Q: Am I required to photocopy the I-9 documentation that an employee presents? On top of that, […]