Content Understanding sales tax rules for the construction industry Project Management Tips for Effectively Managing Accounts Receivable in the Construction Industry See if you’re eligible for business financing The more you can remove the human element, the more precise and infallible the entire AR process will be. How do you manage your accounts receivable so […]
Content US GAAP and the Percentage of Completion Method When did ASC 606 go into effect? What Is a Construction Schedule of Values? [Free Template Download] Contract Modifications and Change Orders On the Radar: ASC 606 What is included in contract revenue and costs? The basic principles of construction accounting include tracking job costs and […]
Content Gross vs. net income: What’s the difference? Don’t have financial statements? Manage both cash in and out to steer through the recession for SaaS startups If you are exempt from tax: What is accrual accounting? Cash flows may differ significantly from net profit, due to the inclusion of noncash revenues and expenses in the […]
Content Difference between gross and net Net Income What is gross income? How it works and why it’s important What is gross profit? Why Net Income Is Important for a Business From the taxation point of view – Net Income implies the gross income less allowable business expenses. This is to say, net income is […]
Content 5 Remeasuring Foreign Currency Balances What Are Some Examples of NRV Usage? Frequently Asked Questions (FAQs) Cost accounting How To Calculate? Finally, in some cases, the aging of accounts receivable will indicate that a particular account has no possibility of collection. This may occur if during the year more accounts were written off as […]
Content Inventory Frequently Asked Questions (FAQs) Cost accounting 5 Remeasuring Foreign Currency Balances What is Cash Realizable Value? How To Improve the Net A/R Percentage for Your Company At the end of the year, Ray’s determines that approximately 7 percent of its ending accounts receivable balance will not be collected. Ray’s uses the percentage of […]
Content Closing Entry #1 for Bob Final thoughts on closing entries How to create closing entries Closing entries Closing Entries for Revenue Accounts Permanent Accounts They must be done before you can prepare your financial statements and income tax return. Closing entries are needed to clear out your revenue and expense accounts as you start […]
Content Step 2: Transfer Expenses What are the four closing entries in order? Permanent Accounts Gains and Losses Once this is done, it is then credited to the business’s retained earnings. So, if the closing entries journal is not posted, there will be incorrect reporting of financial statements. And not having an accurate depiction of […]
Content Sage 100 Contractor – Best for growing businesses Guide to Alternative Dispute Resolution (ADR) in Construction Does COINS Construction Cloud have the accounting tools to work in the UK construction industry? What you get with Sage 50: Best accounting software for photographers Does FreshBooks have the accounting tools to work in the UK construction […]