Content How to prevent obsolescence Obsolete Inventory Guide: How to Identify, Manage & Avoid It #1 Rated Cloud ERP Software in USA Writing off obsolete inventory Inaccurate inventory forecasting Showing the usage/sales data in a graph will aid with the trend analysis. To account for this decrease in value, we write down or entirely write-off[…]

Content Accounting History – Double Entry Accounting | double-entry-accounting.com Origin and evolution of double entry bookkeeping A brief history of double entry accounting What is double-entry accounting? The Double-Entry Accounting System Double-entry accountancy has endured the test of time, as it has changed very little since the time that Luca Pacioli put the principles to[…]

All asset accounts such as Cash, Accounts Receivable, Inventory, Prepaid Expenses, Buildings and Equipment normally have debit balances. So do most expense accounts such as Interest, Wages and Rent. The cash account is debited because cash is deposited in the company’s bank account. The credit side of the entry is to the owners’ equity account.[…]

Content Download the guide about bookkeeping How to manage your bookkeeping How should I manage petty cash? Small Business Bookkeeping Tasks It includes keeping precise and up-to-date records of your company’s financial transactions, like sales, expenses, and payments. Good bookkeeping practices can allow you to track your company’s financial health, make educated choices, and ensure[…]

Content Book preview Harvard Business School In-House Bookkeepers vs. Full-Charge Bookkeepers Books by Nick J. DeCandia Responsibilities of a Full Charge Bookkeeper The most common way to advance in this career is to move into a management position. With experience, full charge bookkeepers can become accounting managers, controllers, or chief financial officers. Some bookkeepers move[…]