Sun.Aug 11, 2024

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QuickBooks Online Now Offers Shipping

Insightful Accountant

Murph takes you step-by-step through configuring the new QBO shipping feature, setting up your ShipEngine account, and processing your first shipment.

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Process costing system definition

Accounting Tools

What is a Process Costing System? A process costing system accumulates costs when a large number of identical units are being produced. In this situation, it is most efficient to accumulate costs at an aggregate level for a large batch of products and then allocate them to the individual units produced. The assumption is that the cost of each unit is the same as that of any other unit, so there is no need to track information at an individual unit level.

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How to convert CSV to QBO

Nanonets

Quickbooks is an accounting software that helps small and medium businesses perform financial operations such as expense tracking, reconciliation, and invoicing. Quickbooks imports transaction data from uploaded bank statements to perform financial operations. In order to import transaction data, bank statements need to be uploaded in Quickbooks supported formats such as Quicken (QFX), QuickBooks Online (QBO), Quickbook Supported CSV, or Microsoft Money (OFX).

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Users of financial statements

Accounting Tools

Who are the Users of Financial Statements? There are many users of the financial statements produced by an organization. The following list identifies the more common users and the reasons why they need this information. In short, there are many possible users of financial statements, all having different reasons for wanting access to this information.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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How to convert PDF to QBO

Nanonets

Businesses often use a third-party finance and accounting software, such as Quickbooks, to process financial and transactional data for efficient accounting and financial due diligence. A firm’s financial data is mostly present in PDF documents such as invoices, receipts, bank statements, and purchase orders.  However, financial data in this form cannot be uploaded or imported directly into Quickbooks.

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The proper classification of fixed assets

Accounting Tools

When to Classify an Asset as a Fixed Asset When assets are acquired, they should be recorded as fixed assets if they meet the following two criteria: Have a useful life of greater than one year; and Exceeds the corporate capitalization limit. The capitalization limit is the amount of expenditure below which an item is recorded as an expense , rather than an asset.

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Unclassified balance sheet definition

Accounting Tools

What is an Unclassified Balance Sheet? An unclassified balance sheet does not provide any sub-classifications of assets , liabilities , or equity. Instead, this reporting format simply lists all normal line items found in a balance sheet in their order of liquidity , and then presents totals for all assets, liabilities, and equity. This approach does not include subtotals for any of the following classifications: Current assets Long-term assets Current liabilities Long-term liabilities A balance

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How to calculate a labor rate

Accounting Tools

What is a Labor Rate? A labor rate is the cost of labor that will be charged or incurred over a specific period of time. It is most commonly expressed as an hourly rate, but may also be quoted or calculated on a daily, weekly, or monthly basis. Labor rates are used to determine both the price of employee time charged to customers , and the cost of that employee time to the employer.

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