Category Archives: Bookkeeping

In both types of taxes, the tax burden is charged on the final consumer; however, they have a different framework of collection, administration, and effects on the economy. Through a simple example, the below table illustrates the comparison between VAT and retail sales tax. Imagine a lumberjack cutting trees (without cost) who sells the wood […]

VAT is the version of sales tax commonly used outside of the U.S. in over 160 countries. VAT is an indirect tax that is imposed at different stages https://www.quick-bookkeeping.net/ of the production of goods and services, whenever value is added. Countries that impose a VAT can also impose it on imported and exported goods. If […]

An excise tax is a tax on specific goods and services, usually those considered harmful, while a sales tax is a general tax on most things. Excise taxes can also be per unit (e.g. per bottle of alcohol), while sales taxes are always as a percentage of the item’s cost. An optimal sales tax is […]

We scored Columbus Bookkeeping Services on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best. “The American public deserves to understand how Pfizer, a multinational pharmaceutical corporation based in the U.S. with annual sales of at least … At the same time, the organization […]

So, if we total all the columns up, whatever period the purchases journal is run for, we can make the lump sum ($1,540) journal entry into the accounting software. That being a credit to the accounts payable, a debit of $1,140 to inventory, a $270 debit to office supplies, and a debit of $130 to […]

For example, they might match your contributions up to 6% of your salary. So, if your base pay is $50,000, your employer will match your contributions up to $3,000. While doubling your money isn’t always easy, this is one of the quickest and easiest ways to see your money multiply. The volatility of cryptocurrency – […]

Keeping track of financial transactions such as purchases, sales and payments take a great deal of time, energy and patience. As a business owner or manager, you have many other things on your plate. So why would you want to struggle to keep up with all the complicated number crunching and paperwork? Our bookkeeping services […]

Keeping track of financial transactions such as purchases, sales and payments take a great deal of time, energy and patience. As a business owner or manager, you have many other things on your plate. So why would you want to struggle to keep up with all the complicated number crunching and paperwork? Our bookkeeping services […]

Companies can expect, with relative certainty, that they will be paid their outstanding receivables. But because of the time value of money principle, time spent waiting to be paid is money lost. To calculate your DSO for a given period (a single month for instance) you’ll need to know your total receivables and total net […]

Alternative A reports a net income amounting to $750,000, while Alternative B’s net income totals $855,000. Based purely on the available financial information, the management team should decide to take on Alternative B as a new and/or additional segment. The example below briefly illustrates the concept of incremental analysis; however, the analysis process can be […]