Sole proprietors, or DBAs, use the calendar year because the individual owner IS the business; they are one and the same and need their accounting paperwork to match up. LLCs, partnerships, and Subchapter S corporations also need their fiscal year to match up with the majority owners’ fiscal year, which is January to December. Some […]
These are the income statement, statement of retained earnings, balance sheet and statement of cash flows. Employees are interested in accounting information because their salary appraisals, bonuses, and other monetary and non-monetary benefits are attached to the company’s financial position. These reports are used for the effective …
The key elements that you need to check in a voucher are its expiration, description, quantity, and terms. The main components of a voucher are the company details, words should be easy to understand and it should show a clear description of what is included and lastly its quantity. When offering or rewarding a voucher […]
Like the home inventory template above, this template allows you to record personal belongings so that you’re prepared in the event of a natural disaster or other emergency. A personal inventory template is also a useful tool for simply tracking personal collections such as media, artwork, books and other collectible items. The template …
In most cases, although not often, any miscellaneous expense is insignificant. Accounting for them is vital because, over a fiscal year, even very negligible expenditures can mount up to a significant sum. It is also critical to ensure that all incidental expenses are genuine and required for the regular operation of the business. Because of …
Mr venkat has brought 50 lakhs cash into his newly commenced business and hired 10 employees to run it. For example, the term cash account is used to record all the cash receipts and payments and any adjustments involving cash. An effective accounting system for calculating financial inflows and outflows is necessary for hitting your […]