LedgerDocs
JULY 6, 2023
We have compiled a checklist of information to share with your bookkeeper: Business Documents: Business licenses and permits Employer Identification Number (EIN) Articles of Incorporation or Organization Operating Agreement or Bylaws (if applicable) Any relevant registrations or certifications Financial Statements: Balance Sheet Income Statement Cash (..)
Accounting Tools
JULY 18, 2023
When an account payable is paid, debit accounts payable and credit cash. When recognizing payroll expenses , debit the wages expense and payroll tax expense accounts, and credit the cash account. Petty cash entry. Example Asset Journal Entries Cash reconciliation entry. Payroll entry.
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Accounting Tools
MAY 12, 2024
There are several ancillary activities, such as the use of petty cash or procurement cards for smaller purchases. Payroll Cycle In the payroll cycle, a company records the time of its employees, verifies hours and overtime worked, calculates gross pay , deducts taxes and other withholdings, and issues paychecks to employees.
Stephanie Peterson
SEPTEMBER 21, 2021
Forgetting To Charge & File Sales Tax Before starting a business, it is important to familiarize yourself with sales tax laws and liabilities. Not Having a Budget Every business needs to have a budget, as many small businesses have a limited cash flow, and it typically takes time for a new business to make a profit.
Accounting Tools
MAY 21, 2023
Responsibilities of a Full Charge Bookkeeper The subject areas over which the full charge bookkeeper has responsibility are as follows: Record and pay accounts payable Issue invoices to and collect from customers Calculate pay and issue payments to employees Create financial statements and related financial reports Remit payroll taxes , sales taxes (..)
Counto
SEPTEMBER 18, 2024
This guide provides a concise overview of common reimbursable expenses, the reimbursement process, tax implications, and the importance of clear policies. Miscellaneous Small Expenses: Includes petty cash expenditures or other minor business-related costs incurred by employees. Tax Implications 3.1 Tax Implications 3.1
Bookkeeping Express
JANUARY 25, 2023
As an employer, if you misclassify a worker as a contractor instead of an employee – intentionally or not – you could be on the hook for back-taxes, penalties for not withholding taxes, and penalties for not providing benefits such as health insurance that your classified employees receive.
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