If that sounds like you, QuickBooks Online Accountant has the tools, training, and community to support you every step of the way. Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe […]

This guide provides you with an overview of how to get started using the software including all the latest features. Use this walkthrough guide to learn how to complete each of these steps. See all your clients in one location and click directly into their books. Visit our support hub Get a bird’s-eye view of […]

It is called the T-account because bookkeeping entries are shown in a way that resembles the shape of the alphabet T. It depicts credits graphically on control with fairness in transfer pricing the right side and debits on the left side. Each example of the T-account states the topic, the relevant reasons, and additional comments […]

This feature allows you to focus on specific dimensions and gain insightful knowledge regarding the financial health of your business. Let’s check out some practical examples to put all of these accounting principles and T account rules into action. One of the fundamental principles of financial accounting is the T account. Shaun Conrad is a […]

If a large customer defaults unexpectedly, the allowance for doubtful accounts will not protect a company from suffering significant impacts to cash flow and profitability. Contra assets are still recorded along with other assets, though their natural balance is opposite of assets. While assets have natural debit balances and increase with a debit, contra assets […]

Before getting into how the accounting equation helps balance double-entry bookkeeping, let’s explain each element of the equation in detail. We calculate the expanded accounting equation using 2021 financial statements for this example. Balance Sheets shown above and the Income Statement and detailed Statement of Stockholder’s Equity in this cash flow section. Advance Your Accounting […]

While traditional manufacturers have the advantage of controlled environments construction bookkeeping and optimized production processes, construction companies must constantly adapt to each new project. Even somewhat repeatable projects require modifications due to site conditions and other factors. Also, since construction projects usually stretch over a long time, you need to consider that factor and prepare […]

Learn more about the differences between cash and accrual methods of construction accounting. With the cash method, a company recognizes revenues when it receives payment and recognizes expenses when it pays bills. Calculating profit is simple, since profit is just cash received minus cash disbursed. Separate your personal and business expenses If you manage many […]

In bookkeeping, you have to record each financial transaction in the accounting journal that falls into one of these three categories. Liabilities are what the company owes like what they owe to their suppliers, bank and business loans, mortgages, and any other debt on the books. The liability accounts on a balance sheet include both […]

In agile scrum, the product backlog is a wishlist or a future plan, while the sprint backlog is the planned task list for what are trade receivables a sprint. While the word backlog still means tasks not yet completed, its purpose in agile is distinct. One common method of classifying backlogs is by their priority […]