External factors significantly impact the average collection period of an organization. Understanding these factors can help businesses optimize their collections processes and minimize Days Sales Outstanding (DSO). This section will cover three primary external factors—economic conditions, competition, and customer behavior—and … Continued
So, if the contract between them provides for retainage, they are allowed to do so under the terms set forth, even if the government is not withholding retainage from the prime. Governor Kathy Hochul signed Senate Bill S.3539/A.4167, popularly referred … Continued
It will be helpful to track this information on spreadsheets or through QuickBooks®. Congress passed a series of acts in an attempt to ease the economic burden placed on businesses caused by restrictions due to COVID-19. One of these, the … Continued
In this article, we’ll provide step-by-step instructions on how to reconcile an account in QuickBooks Online. You can also choose to save the work for later, if you’re still trying to figure out why the “Difference” between “Statement ending balance” … Continued
For starters, construction accounting tracks multiple projects, accounts, and localities, as opposed to regular accounting — which typically focuses on sectors like retail or manufacturing. In industries like retail and manufacturing, business is usually the same day in and day … Continued
The asset Cash is decreased because a check was written to pay for the equipment. Notice that the name of the account being credited is indented in the journal. This format is a standard way to differentiate the accounts that … Continued
Most major banks and credit unions are part of the https://personal-accounting.org/ network, and once you enroll, you just need an email address or phone number to send and receive money electronically. Zelle® is a great way to send money to … Continued
If the recipient has already signed up with Zelle, the money will appear within minutes in their bank account. Venmo is a social payment app you can use to exchange funds with people and businesses. Unlike Zelle, Venmo functions as … Continued
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Depending on whether you’re using QuickBooks Desktop or QuickBooks Online, the process may vary slightly. If you sent a bill to … Continued
Contra accounts are used to reduce the original account directly, keeping financial accounting records clean. The difference between an asset’s balance and the contra account asset balance is the book value. Revenues and gains are recorded in accounts such as … Continued