Your hardworking employees need a vacation every now and then. Many employers provide vacation time to employees, but employees might not use their earned vacation right away. When employees have accrued vacation time, you must create a vacation accrual journal entry. Read on to understand the basics of vacation accrual and how to calculate and […]
Read More How to Record a Vacation Accrual Journal EntryJournal Entries Articles
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How to Handle Impairment of Assets the Right Way
In business, the value of your assets doesn’t stay the same. An asset’s market value might be higher or lower than its book value. If the value of your assets permanently changes for the worse, you need to record the impairment of assets.
Read More How to Handle Impairment of Assets the Right WayAccount Reconciliation for Small Business Owners
When you run a small business, one error in your accounting books can result in inaccurate financial statements, poor cash flow management, and even an IRS audit. To make sure your records are accurate, familiarize yourself with account reconciliation.
Read More Account Reconciliation for Small Business OwnersDo You Know How to Account for an Accrued Bonus?
Performance-related or annual bonuses reward employees and encourage them to be more productive. Some employers may choose to offer an accrued bonus. Read on to learn about providing an accrued bonus, how to account for bonus accrual, and rules to follow.
Read More Do You Know How to Account for an Accrued Bonus?Managing and Recording Cash Receipts in Your Small Business
If you’re a small business owner, you likely receive cash payments from your customers. And if you receive cash payments, you need to know about recording cash receipts in your books. So, how do you do that?
Read More Managing and Recording Cash Receipts in Your Small BusinessHow to Create and Update Your Cash Disbursement Journal
Does your small business work with cash? More than likely, the answer is yes. And when you have cash expenses, you should record them in a cash disbursement journal.
Read More How to Create and Update Your Cash Disbursement JournalRecording Credit Card Sales in Your Books
Do you accept credit card payments in your small business? If you do, that’s great news for the 80% of consumers who prefer playing with plastic. But, it comes with additional business responsibilities, such as recording credit card sales in your books.
Read More Recording Credit Card Sales in Your BooksDo You Know How Temporary vs. Permanent Accounts Differ?
As a business owner, you are likely familiar with certain accounting accounts, like your assets or expense accounts. But did you know that each account can also be labeled as a permanent or temporary account?
Read More Do You Know How Temporary vs. Permanent Accounts Differ?Step up Your Accounting Game With a Compound Journal Entry
If you use a double-entry bookkeeping system, you know that every account you debit requires you to credit the corresponding account, and vice versa. But what happens when the transaction affects more than two accounts? It’s time to create a compound journal entry.
Read More Step up Your Accounting Game With a Compound Journal EntrySales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]
When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.
Read More Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]