Category: Bookkeeping
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Bookkeeping for Therapists: Private Practice Accounting Solutions
Some basic accounting practices and knowledge was something I had to learn. Accounting Templates for Google Sheets is a set of templates designed to give counselors, therapists and other clinicians in private practice a simple way to track the business side of their practices. The templates are ready to use with all of the basic…
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What Are the Differences Between IRS Form 940, Form 941 and Form 944 Employer Services Insights
References to federal income tax withholding don’t apply to employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands (CNMI), the U.S. Virgin Islands (USVI), and Puerto Rico, unless you have employees who are subject to U.S. income tax withholding. Contact your local tax department for information about income tax withholding. In general,…
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7 3 Analyze and Journalize Transactions Using Special Journals Principles of Accounting, Volume 1: Financial Accounting
Creating journal entries for small business transactions should be like second nature. Read on to get a closer look at recording cash disbursements in your books. To use a cash payment journal, businesses must first set up the journal in their accounting software. Cash Disbursement Journal Used to Update the Subsidiary Ledgers A financial professional…
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What Is a Deferral? Its Expenses Prepaid or Revenue Not yet Earned
For example, if a company has performed a service for a customer but has not yet received payment, the revenue from that service would be recorded as an accrual in the company’s financial statements. This ensures that the company’s financial statements accurately reflect its true financial position, even if it has not yet received payment…