Outsourcing your bookkeeping services can oftentimes be the lighthouse your franchise needs in the vast sea of financial intricacies. You see, navigating the choppy waters of franchise finance can be quite daunting. But when you hand over your bookkeeping to a team of trained professionals, you’re essentially trading in your compass for a state-of-the-art navigation [...]
Unlike other long-term assets such as machinery, buildings, and equipment, land is not depreciated. The process to calculate the loss on land value could be very cumbersome, speculative, and unreliable; therefore, the treatment in accounting is for land to not be depreciated over time. The expanded accounting equation goes hand in hand with the balance [...]
If you use account categories or tags in your QuickBooks Online account, make sure to assign the appropriate categories or tags to the transaction to maintain consistency and ease of reporting. For example, if you need to provide additional information or notes about the deposit, like the source of the funds, you can add those [...]