Archive for Category: Bookkeeping

What is account reconciliation? Sage Advice US

By incorporating these best practices, your organization can establish a more robust and reliable account reconciliation process, minimizing errors and ensuring the product cost vs period expenses precision of financial records. You compare the outstanding customer invoices in your records to the actual payments received, identifying any discrepancies. Account...

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How do I make estimated tax payments?

If you expect to owe $1,000 or more in taxes for the year, you should make estimated tax payments. Estimated tax payments are made throughout the year to cover your tax liability. This means that if you do not pay enough tax throughout the year, you may be subject...

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Example Concept How to Use Explanation

For example, if the total liabilities of a business are $50K and the owner’s equity is $30K, then the total assets must equal $80K ($50K + $30K). For a company keeping accurate accounts, every business transaction will be represented in at least two of its accounts. For instance, if...

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