Bookkeeping Basics 101 Complete Guide For Small Business

That documentation may be a receipt, an invoice, a purchase order, or some similar type of financial record showing that the transaction took place. At the end of the course, you’ll receive a professional certificate, which you can put on your resume to demonstrate your skills and accomplishments to potential employers. Bookkeepers manage a company’s […]

What to look for when hiring an offshore accountant

The point is, by holding even a small portion of your funds in an offshore account, you ensure that you (and your family) can always access your money — no matter what happens. The key is choosing the right jurisdiction and the right bank that match your objectives and provide the benefits you’re after. For […]

Contingent Liability Definition, Why to Record

Although it is not realized in the books of accounts, a contingent liability is credited to the accrued liabilities account in the journal. The impact of contingent liability can also hamper a company’s ability to take debt from the market as creditors become more stringent before lending capital due to the uncertainty of the liability. […]

Outsourced Accounting Services For Your Business

Visit for more information regarding RSM US LLP and RSM International. Finance and accounting outsourcing is only the beginning—RSM has the people, processes and technology to transform your finance department and, by extension, your company. Tax outsourcing services have emerged as a strategic solution in transforming the tax return preparation process for CPA… We […]

Bad Accounting Or Fraud? Trumps Profit Numbers Dont Add Up

Again with regard to the IRS, program accomplishment data and fundraiser details are required disclosures on Form 990 for nonprofits filing anything greater than a Form 990-N. Your state fundraising registration renewal may seek some of these details as well, particularly details on fundraising events. Paying attention to the fine details in the nonprofit bookkeeping […]

If ending inventory is overstated, would net income be overstated or understated?

Ending income may be overstated deliberately, when management wants to report unusually high profits, possibly to meet investor expectations, meet a bonus target, or exceed a loan requirement. In these cases, there are a variety of tools for fraudulent inventory overstatement, such as reducing any inventory loss reserves, overstating the value of inventory components, overcounting […]

15+ Best Sites To Hire Accounting Virtual Assistants 2023

Finding a virtual assistant bookkeeping service that can maintain the integrity and safety of your data is essential. Accounting virtual assistants may need to raise clarifications with their teammates or even staff from other departments. They’ll need good communication skills to ensure nothing gets lost in translation. Additionally, virtual bookkeeping or accounting VAs are in […]

Letter of Credit Example: How Money and Documents Move

Nick Seidel, 42, of Chicago, has had his bank break up with him three times. Then, after an 18-month relationship with Fifth Third, it, too, shut down his accounts. Then, suddenly, Citi shut down everything, including their checking accounts and credit cards. The couple’s attempts to get an explanation led to nothing but frustration. In […]

Which accounts normally have debit balances?

In accounting, ‘Normal Balance’ doesn’t refer to a state of equilibrium or a mid-point between extremes. By understanding the normal balance concept, you can correctly record transactions, such as the cash injection and the equipment purchase, in your double-entry bookkeeping system. Remember, the normal balance is the side (debit or credit) that increases the account. […]