Xero

JANUARY 31, 2023

Real-time data in Xero Tax — New Zealand To make sure your pre-populated data is always up to date, we’re switching to real-time updates within Xero Tax. This will be automatically triggered when you create a new tax return in Xero. You can still manually code individual items if you prefer.

XERO 264

XERO Payroll Accruals Invoicing 264

Xero

OCTOBER 3, 2022

In the weeks ahead, you’ll be able to filter transactions by accrual date, and use the new uninvoiced amount column to help you stay on top of your project cash flow. Map your sales tax rates in Xero — Canada. made changes to the audit report, so transactions associated with unmapped tax rates are grouped for easy identification.

XERO 264

XERO Purchase Order Payroll Tax 264

Xero

MAY 13, 2024

In Xero Payroll, all active and terminated employees (who will be included in the STP finalisation for the financial year) will need an employment type, income type, and tax scale defined in their records. Review your employees’ records to ensure they’re STP compliant. We recommend marking this date in your calendar so you don’t forget.

XERO 261

XERO Payroll General Ledger Reconciling 261

Xero

MAY 16, 2023

These requirements involve changes to details in the Employment and Taxes tabs. In Xero Payroll, all active and terminated employees (who will be included in the STP finalisation for the financial year) will need an employment type, income type and tax scale defined in their records.

XERO 55

XERO Payroll General Ledger Reconciling 55

Counto

MARCH 20, 2024

Cash vs Accrual Accounting: Which is Better? The choice between cash and accrual accounting can significantly impact how businesses manage their finances. Accrual Basis Accounting Accrual accounting focuses on when revenue is earned and expenses are incurred, regardless of cash flow.

Accruals 52

Accruals Accounting Accounting Accounts Payable 52

Xero

MAY 17, 2022

Tax time will look a little different this year compared to last, with the conclusion of the JobMaker and JobKeeper schemes and business slowly returning to normal. Pay runs with a payment date on or after 1 July 2022 will fall within the next financial year and any new tax rates will be applied automatically.

Payroll 246

Payroll General Ledger XERO Reconciling 246

Accounting Tools

SEPTEMBER 22, 2023

Related Courses Bookkeeping Guidebook Human Resources Guidebook Payroll Management Accounting for a Bonus Accrual A bonus expense should be accrued whenever there is an expectation that the financial or operational performance of a company at least equals the performance levels required in any active bonus plans.

Accruals 40

Accruals Payroll Tax Bookkeeping 40

Accounting Tools

SEPTEMBER 2, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accruals Concept in Accounting? An accrual is a journal entry that is used to recognize revenues and expenses that have been earned or consumed, respectively, and for which the related cash amounts have not yet been received or paid out. Sales accrual.

Accruals 40

Accruals Financial Statements Invoicing Bookkeeping 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is a Wage Accrual? The accrual entry shown below is a simple one, because you typically clump all payroll taxes into a single expense account and offsetting liability account.

Accruals 40

Accruals Payroll Auditing Tax 40

Counto

MARCH 24, 2025

From calculations to tax deposits, our in-house team handles everything. Our team handles everythingfrom employee payments to tax deposits and filings. Here are some articles you might find helpful: Cash Vs. Accrual Accounting: Which Method Suits Your Small Business? Payroll giving you headaches? Ready to get started?

Payroll 52

Payroll Deposits Accruals Small Business Accounting 52

Nanonets

SEPTEMBER 21, 2023

When it comes to managing your business finances, it's essential to understand crucial accounting terms like accrual and deferral. Accrual accounting  and  deferral accounting  are two methods used to record financial transactions.

Accruals 40

Accruals Financial Statements Accounting Accounting 40

Accounting Tools

APRIL 12, 2023

An alternative method for recording transactions is the accrual basis of accounting , under which revenue is recorded when earned and expenses are recorded when liabilities are incurred or assets consumed, irrespective of any inflows or outflows of cash. The accrual basis is most commonly used by larger businesses. Ease of use.

Accruals 75

Accruals Financial Statements Accounting Accounting 75

Accounting Tools

JULY 8, 2024

If so, they must be recorded under the accrual basis of accounting so that the full amount of compensation expense is recognized during the reporting period. An accrual entry is not necessary if the amount of unpaid wages is immaterial; in this case, the expense is recorded when the wages are paid.

Payroll 75

Payroll Accruals Accounting Accounting 75

Accounting Tools

JUNE 11, 2023

Income taxes are accrued based on income earned. Debit to income tax expense, credit to accrued expenses. Income taxes are typically retained as accrued expenses until paid, which may be at the end of a quarter or year. The first three entries should reverse in the following month.

Accruals 75

Accruals Accounts Payable Accounts Payable Invoicing 75

Less Accounting

MAY 9, 2023

Once you’ve cleaned your bookkeeping, your business will be better prepared for growth, tax season, and investment opportunities. This also greatly impacts your taxes. There may be circumstances where you need to manually adjust entries to account for accruals, depreciation, or amortization.

Bookkeeping 98

Bookkeeping Accruals Reconciling Accounting Software 98

Accounting Tools

MAY 21, 2023

The calculation is: Net profit ÷ Net sales = Profit ratio For example, ABC International has net after-tax profits of $50,000 on net sales of $1,000,000, which is a profit ratio of: $50,000 Profit ÷ $1,000,000 Sales = 5% Profit ratio Problems with the Profit Ratio The ratio suffers from several flaws.

Accruals 75

Accruals Financial Statements Tax Accounting 75

accountingfly

NOVEMBER 21, 2024

Sign up now to receive the full list of available top accounting candidates on a weekly basis!

CPA 52

CPA Accounting Accounting Payroll 52

Accounting Tools

OCTOBER 4, 2023

If an entity is recording its business transactions under the accrual basis of accounting , it is quite possible that the profitability condition will not be matched by the cash flows generated by the organization, since some accrual-basis transactions (such as depreciation ) do not involve cash flows.

Accruals 75

Accruals Financial Statements Tax Accounting 75

Accounting Tools

MAY 15, 2024

What is a Tax Election? A tax election is a choice made by a taxpayer among several possible options for how to deal with a situation from a tax reporting perspective. A tax election may have consequences related to the timing and amount of taxes paid.

Tax 40

Tax Corporation Tax Accruals Accounting 40

Less Accounting

NOVEMBER 18, 2022

You can start chipping away at your to-do list now to make the new year a time for tackling new goals instead of tax panic. Prepare for tax season now by getting these things in order before the end of the year. Learn more about cash basis vs. accrual accounting here. What’s the status of your invoices?

Tax 52

Tax Accruals CPA Bookkeeping 52

Remote Quality Bookkeeping

JUNE 26, 2023

You may or may not even be aware that you have options when deciding how to do your accounting and that your choices will impact how you produce your financial statements and file your taxes. The two primary accounting methods are cash accounting and accrual accounting. There are tax advantages to cash accounting as well.

Accruals 52

Accruals Accounting Accounting Bookkeeping 52

Remote Quality Bookkeeping

JUNE 26, 2023

You may or may not even be aware that you have options when deciding how to do your accounting and that your choices will impact how you produce your financial statements and file your taxes. The two primary accounting methods are cash accounting and accrual accounting. There are tax advantages to cash accounting as well.

Accruals 52

Accruals Accounting Accounting Bookkeeping 52

Accounting Tools

DECEMBER 20, 2023

Enter Employee Changes Employees may ask to have changes made to their paychecks , usually to the taxes or pension amounts withheld. You may need to record much of this prior to calculating taxes, since it impacts the amount of wages to which taxes are applied.

Payroll 75

Payroll Deposits Accounting Accounting 75

Accounting Tools

NOVEMBER 1, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management The calculation of payroll involves the determination of gross pay , followed by the subtraction of deductions and payroll taxes to arrive at net pay. Remit Taxes Forward all applicable payroll taxes to the government by the mandated due date.

Payroll 75

Payroll Accruals Collections Tax 75

5 Minute Bookkeeping

MARCH 25, 2021

Many clients use QuickBooks Online to manage their entire business, and need good data to be able to manage their accounts receivables, accounts payable, inventory (if they’re tracking inventory in QuickBooks), payroll, and sales taxes. Best Practices for using Journal Entries in QuickBooks Online. Journal entry, or no journal entry?

Bank Reconciliation 98

Bank Reconciliation QuickBooks Accounts Payable Accounts Payable 98

Accounting Tools

NOVEMBER 5, 2023

Related Courses Bankruptcy Tax Guide Essentials of Corporate Bankruptcy What is the Liquidation Basis of Accounting? The Difference Between Liquidation Basis and Accrual Basis Accounting The accounting under the liquidation basis of accounting differs in several respects from normal accrual basis accounting.

Accruals 71

Accruals Accounting Accounting Financial Statements 71

Billah and Associates

APRIL 15, 2022

Journal entries are utilized in accrual bookkeeping to record payroll expenses that have been brought about, at the time the cost becomes payable. Unlike cash bookkeeping, which records installments when they are really made, accrual bookkeeping costs as they are committed. Recording journals will bring about four sorts of entries.

Payroll 52

Payroll Accruals General Ledger Bookkeeping 52

Invoicera

JULY 18, 2024

Introduction There is an idea that many people and companies never anticipate within the taxation context – phantom tax. Anyone dealing with high tax issues needs to understand how phantom tax functions. Importance Of Phantom Tax For Businesses Phantom taxes have many effects on business entities in all industries.

Tax 52

Tax Financial Statements Accruals Computation 52

Accounting Tools

JULY 13, 2023

Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management Understanding the Common Paymaster Concept When a parent company owns a number of subsidiaries , the company as a whole may pay more payroll taxes than is strictly necessary. The same problem also arises for federal unemployment (FUTA) taxes.

Payroll 75

Payroll Accruals Tax Accounting 75

Accounting Tools

JUNE 20, 2023

There are several types of accounting that range from auditing to the preparation of tax returns. This skill set can be used to reconstruct the records of a destroyed business, to reconstruct fraudulent records, to convert cash-basis accounting records to the accrual basis , and so forth. This career tends to attract auditors.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

FEBRUARY 16, 2024

This is used to determine the amount of earnings generated in a reporting period, net of income taxes. If the accrual basis of accounting is used, this can result in a figure that is different from what cash flows would indicate, due to the accrual of expenses for which payments have not yet been made.

Accruals 75

Accruals Financial Statements Account Receivables Accounts Receivable 75

Accounting Tools

MAY 21, 2023

For example, you could accrue unpaid wages at month-end if the company is on the accrual basis of accounting. For example, the journal entry to record payroll usually contains many lines, since it involves the recordation of numerous tax liabilities and payroll deductions.

General Ledger 75

General Ledger Financial Statements Accruals Payroll 75

Accounting Tools

OCTOBER 26, 2023

Accounting for a Commission Under the accrual basis of accounting , you should record an expense and an offsetting liability for a commission in the same period as you record the sale generated by the salesperson, and when you can calculate the amount of the commission.

Accounting 75

Accounting Accounting Accruals Payroll 75

Accounting Tools

MAY 14, 2023

Related Courses Small Business Tax Guide Reasons to Change the Tax Year You may want to change the tax year for a business. How to Change the Tax Year To apply to the IRS for a change in the tax year, use Form 1128, which is available online at the IRS Web site.

Tax 40

Tax Accruals Accounting Accounting 40

Accounting Tools

AUGUST 21, 2024

How to Calculate Net Profit To calculate net profit, subtract the cost of goods sold , operating expenses , financing costs, and tax costs from net revenues. Differences between net profit and net cash flows include timing issues related to accrual-basis accounting and the reduction of cash flows caused by expenditures for fixed assets.

Accruals 52

Accruals Financial Statements Tax Accounting 52

Counto

MARCH 23, 2024

Its principles, including accrual accounting and comparability, foster informed decision-making. Key Principles of SFRS Accrual Accounting: SFRS mandates the use of accrual accounting, recording transactions when they occur rather than when cash is exchanged.

Financial Reporting 52

Financial Reporting Accruals Financial Statements Corporation Tax 52

Accounting Tools

JULY 12, 2024

For example, an agency fund may be used when a government collects taxes on behalf of another government. The sum total of these adjustments is referred to as the modified accrual basis. Used to report on resources held in a custodial capacity, where funds are received, temporarily invested, and remitted to other parties.

Accounting 75

Accounting Accounting Accruals Collections 75