Category Archives: Bookkeeping

Once all deductions are accounted for, and tax credits awarded, then the leftover income total is your taxable income. That income falls into a tax bracket and https://www.bookstime.com/ you pay the percentage within that bracket. With a marginal tax rate, you pay that rate only on the amount of your income that falls into a […]

How do I get QuickBooks Online for free? QuickBooks Online’s biggest advantage is its ability to be accessed from anywhere with an internet-enabled device. Learn about all the differences in our comparison of QuickBooks Online vs Desktop. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at […]

They can help you with all aspects of accounting including cash flow management, business planning and budgeting, and tax returns for small businesses. Every small business owner gets to the point where they worry about the tax implications of their business, as well as having to handle accounting and other obligations. Trying to juggle these […]

Other Comprehensive Income (OCI) refers to any revenues, expenses, and gains / (losses) that not have yet been realized. These items, such as a company’s unrealized gains on its investments, are not recognized on the income statement and do not impact net income. OCI (Other Comprehensive Income) and net income are both essential measures in […]

These items are reported directly in the equity section of the balance sheet to provide a more comprehensive understanding of the company’s financial position. OCI captures non-operating and non-recurring items that have the potential to impact the overall financial health of the company. In summary, OCI represents gains and losses that are not recognized in […]

By reflecting both accounts on the balance sheet, analysts can understand both the original price and the total decrease in value of a certain asset over time. Whenever the balance of an account needs to be reduced in a company’s ledger, it is not always applicable to credit the account if it is an asset […]

A contra liability is an account in which activity is recorded as a debit balance and is used to decrease the balance of a liability. Contra Liability a/c is not used as frequently as contra asset accounts. It is not classified as a liability since it does not represent a future obligation. As mentioned, contra […]

Trade marks are words, logos, slogans, sounds, or other distinctive expressions that distinguish the source, origin, or sponsorship of a good or service (in which they are generally known as service marks). Trade marks offer the public a means of identifying and assuring themselves of the quality of the good or service. They may bring […]

It will remove the customer deposit from balance sheet as the company has fulfilled the obligation. It is also the time to record revenue as the goods/services are delivered. When the customer pays the deposit, the company needs to record cash received and customer deposit which is the liability account. A customer deposit is money […]