by campaignpremie | Aug 15, 2024 | Bookkeeping
The monetary unit principle also assumes that the value of the unit of currency in which you record transactions remains relatively stable over time. The assumption fails completely if an entity records transactions in the currency of a hyperinflationary economy. When...
by campaignpremie | Jan 25, 2024 | Bookkeeping
For example, a small business’s cost of sales calculation could include the purchasing cost of inventory and shipping from its suppliers along with the costs to customise and repackage the received goods. A manufacturer will determine cost of sales or COGS by...
by campaignpremie | Jan 25, 2024 | Bookkeeping
For example, a small business’s cost of sales calculation could include the purchasing cost of inventory and shipping from its suppliers along with the costs to customise and repackage the received goods. A manufacturer will determine cost of sales or COGS by...
by campaignpremie | Jan 25, 2024 | Bookkeeping
Inevitably some of the amounts due will not be paid and the business will need to have a process in place to record these bad debts. Default in debt provided to a client or a third party can be a major pain point for businesses. Accounting for them in the books is an...
by campaignpremie | Jul 10, 2023 | Bookkeeping
With the completed contract method, you recognize revenue only after completing a project. Construction companies often use this method for short-term contracts, especially those where contract costs can be hard to estimate. Many industries operate around fixed-price,...
by campaignpremie | Feb 10, 2023 | Bookkeeping
Customizing the template to fit your business is crucial for gaining insights into key financial aspects. By tailoring the template to your specific needs, you can assess your company’s performance accurately. Use this monthly or quarterly small business balance...
