The Complete Idiot's Guide to Accounting by Lita Epstein MBA, Shellie Moore

By Lita Epstein MBA, Shellie Moore

Updated details on new tax premiums, varieties, software program, and more! A complete evaluation of the per 30 days accounting procedure for small company proprietors and beginner bookkeepers and accounting clerks, this e-book publications readers throughout the bits and bobs of constructing money owed, engaging in transactions, dealing with staff and payroll, dealing with month- finish methods, and issuing monetary stories. • absolutely revised to mirror the newest legislation and methods • the proper device for the 23 million small company vendors within the united states • Covers the kinds of accounting software program courses to be had and the way to take advantage of them to control a handbook set of books

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To be sure your actual inventory matches what is on paper, you need to conduct periodic physical accounts of inventory. How frequently you do these checks depends on the type and size of your business. Now that you’ve set up the accounts for tracking your current assets, it’s time to move on to the accounts for your long-term assets. Most of the assets in this section are depreciable assets. That means the value of these assets depreciates over the years as they lose value from age, use, or normal wear and tear.

Once again, both accounts are on the balance sheet in the assets section, so the amount of total assets does not change. Biz Tips Never forget that your debits must always equal your credits. To keep your accounts balanced, always keep this formula in mind: assets = liabilities + equity As you try to learn this concept, think about how your entry will impact this balance. The transactions presented so far have affected only the balance sheet. The payment for rent of $800, however, affects the P&L Statement.

Many businesses use two different methods of depreciation: one for tax purposes and a second for business statements. Tax incentives enable you to write off your assets more quickly, but the information on assets that you track to take advantage of this tax benefit is different from how you track depreciation of assets for accounting purposes. For accounting purposes, only one type of depreciation is used: straight-line Chapter 5: Changing the General Ledger 47 depreciation. This type is the easiest type to calculate.

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