‘Tis the season for purchase returns … all year long. Because if you sell products at your business, you know that not all customers are satisfied. If a customer wants to bring back an item, you need to make sales returns and allowances journal entries.Read More How to Record Sales Returns and Allowances
In this day and age, people are pushing cash to the side and paying with plastic. In fact, one study found that 80% of people prefer to use card payments over cash. But, just because plastic is dominating does not mean cash is obsolete. Many people still prefer to pay with cash. And in some […]Read More Woah There! Can a Business Refuse Cash?
The year 2020 has brought on a lot of new changes for business owners and individuals alike. One major change is a redesigned Form 1099-MISC, thanks to the comeback of Form 1099-NEC. Learn about the recent changes, how to fill out Form 1099-MISC, and where to send yours once it’s good to go.Read More How to Fill Out Form 1099-MISC: The Ultimate Step-by-step Guide
If you want to keep your business running, you need to fork over some cash to buy goods and services. And sometimes, you might use credit to make these purchases, resulting in accrued liabilities.Read More The Basics of Accrued Liabilities in Business
The end of the year is a busy, if not the busiest, time for small business owners. You’re gearing up for a new year and trying to wrap things up before the year comes to a close. One thing that should be on your mind during this time is year-end tax planning.Read More Year-end Tax Planning for Small Business Owners: Head Start for 2021
As a small business owner, you know how important it is to keep track of your company’s finances. But, sometimes your business bank statement is not up-to-date with the most current information. For an up-to-date picture of your transactions, you can use a check register. So, what is a check register?Read More What Is a Check Register, and How Can It Help You Organize Business Transactions?
If you want to make a profit, you need to mark up your products. But, how much is too much? To figure that out, determine a fair markup percentage. Calculating markup percentage helps you get the most out of pricing methods.Read More How Much Is Too Much? Determining a Fair Markup Percentage
One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business name vs. trade name and how they contrast.Read More Do You Know the Difference Between a Business Name vs. Trade Name?
Do you ever pay for business goods and services before you use them? If so, these types of purchases require special attention in your books. You need to create a prepaid expenses journal entry.Read More How to Create a Prepaid Expenses Journal Entry
Business owners often confuse margin and markup. Both figures help you set prices and measure productivity. But, a margin vs. markup chart shows that the two terms reflect profit differently.Read More Markup vs. Margin Chart: How to Calculate Margin and Markup