Bookkeeping

What Dentists Should Know Accounting Services for Dentists and Dental Practices

Closing the books includes reconciling the different accounts, preparing the financial statements, and more. After the books have been closed for the period, transactions should not be entered and changes should not be made for that closed period. Profit is the result of revenue less expenses for a certain period of time. Cash flow is the money moving in and [...]

بواسطة |2024-07-17T10:10:18+00:0022 سبتمبر، 2021|الأقسام: Bookkeeping|

Depreciation Units-of-Activity, Double-Declining-Balance DDB, Sum-of-the-Years-Digits

But as time goes by, the fixed asset may experience problems due to wear and tear, which would result in repairs and maintenance costs. That’s why depreciation expense is lower in the later years because of the fixed asset’s decreased efficiency and high maintenance cost. FitBuilders estimates that the residual or salvage value at the end of the fixed asset’s [...]

بواسطة |2024-07-10T08:31:49+00:0027 يوليو، 2021|الأقسام: Bookkeeping|

Contra Liability Account: What it is, How it Works, Example

In your financial statements, contra revenue accounts appear as deductions from gross sales to arrive at net sales. If your business makes $100,000 in gross sales, say, and has $5,000 in total contra revenues from returns, allowances, and discounts, your net sales would be reported as $95,000. Contra accounts are used to reduce the original account directly, keeping financial accounting [...]

بواسطة |2024-07-16T09:25:01+00:0029 يونيو، 2021|الأقسام: Bookkeeping|
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