By Philip B. Goodman CPA
Addressing a standard challenge for small-business vendors, this available instruction manual is the major to knowing the bits and bobs of accounting. Demonstrating how you can effectively preserve files and observe bookkeeping ideas, this advisor demonstrates the best way to preserve music of all monetary issues and computer screen the general health and wellbeing of any enterprise. keeping off complicated and burdensome accounting jargon, this transparent and concise evaluate interprets the necessities into useful enterprise language, answering the main commonly asked questions awarded to accountants through small-business proprietors this day. themes coated contain accounting components such as revenues, charges, resources, liabilities, and proprietors' gains.
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However, the tax affects the total amount due from the customer, which in turn affects the total of Accounts Receivable. The journal displayed in Table 3-3 is based 39 Accounting Savvy For Business Owners on the fact that services are not taxable, and the products sold are taxable at the rate of 7%. 80 Table 3-3: The journal includes the sales tax liability. Things get a bit more complicated when you’re selling inventory, because the journal posts the cost of goods sold (usually abbreviated COGS) which is an expense, and decreases the value of your inventory asset.
NOTE: It’s best to let your accountant enter JEs (or provide specific instructions for you to follow). For example, when you depreciate or amortize an asset, no “real” transaction takes place; there’s no check written, no 28 Chapter 2 • Accounting Components money moves in or out of your bank account, and no customer or vendor is involved. Table 2-2 is an example of a depreciation JE. 00 Table 2-2: You need to use a journal entry to enter depreciation. Chapter 10 covers the common year-end journal entries that businesses create.
00 (plus any other unpaid invoices). All of that detailed information is kept in the customer’s record. More information about Accounts Receivable is in Chapter 5 (Managing Assets) and Chapter 11 (Important Reports). Cash Sales Journals A cash sale is a transaction in which the customer’s money is received at the time the goods or services are received. Don’t take the word “cash” literally; the payment may involve cash, a credit card, a debit card, or a gift certificate. Many companies that do most or all of their business as cash sales don’t bother tracking customers for these sales.