But since many criminals are aware of that requirement, banks also are supposed to report any suspicious transactions, including deposit patterns below $10,000. Last year, banks filed more than 700,000 suspicious activity reports. When banks and credit unions refer to deposits, they are talking about the money in your accounts, which they’re holding for you … Read more
The fundamental accounting equation provides guidance for the creation of all journal entries entered into the general ledger. Likewise, we can make the journal entry for supplies consumed at the end of the accounting period by debiting the $2,000 into the supplies expense account bookkeeping and crediting this same amount into the supplies account. When … Read more
A company with a lot of debt may have trouble generating positive CFFs, which could put it at risk of defaulting on its loans. And if you agree to any short-term borrowings, you’ll have an accurate tally of your cash balance. Whether you have long-term debts, the cash impact on your virtual accountant business needs … Read more
Our Money blogger Jess Sharp previously spoke to Krept about his success with his company Nala’s Baby and what it’s like juggling business life and a music career… The supermarket will create more than 30 jobs and has been designed to meet the needs of Black, Asian and ethnic communities. Bitcoin, which had surged what … Read more
These earned but unrecognized revenues are adjusting entries recognized in accounting as accrued revenues. Adjustment entries are important accounting tools that help businesses to accurately record their financial transactions and ensure that their financial statements are accurate. These entries are made at the end of an accounting period to adjust the accounts to their correct … Read more
For example, if a business makes a sale on credit, the revenue is recorded at the time of the sale, not when the payment is received. In conclusion, an installment sale is a transaction where the buyer pays for goods or services over time. In accounting, revenue from installment sales is recognized proportionately as payments … Read more