Κατηγορία: Bookkeeping

Some examples include raw materials, delivery costs, hourly labor costs and commissions. If a company has $2 million in revenue and its COGS is $1.5 million, gross margin would equal revenue minus COGS, which is $500,000 or ($2 million – $1.5 million). As a percentage, the company’s gross profit margin is 25%, or ($2 million…

This means that $15 is the remaining profit that you can use to cover the fixed cost of manufacturing umbrellas. Also, you can use the contribution per unit formula to determine the selling price of each umbrella. That is, fixed costs remain unaffected even if there is no production during a particular period. Fixed costs…

Net sales refer to the total revenue your business generates as a result of selling its goods or services. Dobson Books Company sells textbook sets to primary and high schools. In the past year, he sold $200,000 worth what are unbilled receivables how to account for unbilled ar of textbook sets that had a total…

Creative Firms specializing in designing innovative and functional structures, focusing on aesthetics, usability, and compliance with building codes. Intuit Enterprise Suite: The Ultimate Project Accounting and Job Costing Solution for Construction Companies You’ll also use the contract’s total cost and scope of work to develop the project’s schedule of values, which breaks down individual billable…

Any bookkeeping solution you choose should have these core features at a minimum. If your business has any unique bookkeeping needs, you’ll want to look for a solution that caters to those needs as well. Hiring an accountant to take care of your bookkeeping can save you a significant amount of time, as well as…

This feature allows you to group together multiple payments before recording a bank deposit. After recording the bank deposit in QuickBooks Online, it’s important to take the final step of verifying that the undeposited funds have been cleared. This ensures that all the selected payments have been appropriately moved from the undeposited funds account to…

The more you establish value in Step 1, the easier your job will be in demanding a higher price per month. Whatever structure and pricing you go with, make sure to lay it all out on the table for current and prospective clients. That way, there are no surprise fees, and clients know what to…

Using Bonsai, you can quickly and easily create an invoice template by clicking on “Send an invoice” from your dashboard. Agency invoices, one template for each client, can then be accessed easily each time you want to rebill the same client. As client info changes, you can easily update the template so that future invoices…

Closing accounts is the last step, where you have to close all temporary accounts such as expenses and revenues (mostly income statement items) to retained earnings and owner’s equity account. This is very essential step to restarting your accounting cycle for the next accounting period. The accounting cycle is a comprehensive accounting process that begins…

Transactions are financial events involving the exchange of value, such as sales, purchases, and vendor payments. These transactions impact the business’s financial statements, including the balance sheet, income statement, and cash flow statement. After preparing the income statement (or profit and loss account) and balance sheet, all temporary or nominal accounts used during the financial…