Category Archives: Bookkeeping

Simply put, a single individual providing or doing activities can register himself or herself as the owner to become a formal business. The application fee for sole proprietorships and partnerships, LP and LLP is $100. If you plan to own a simple business, keep it simple and select the sole proprietorship structure. However, if your […]

Go through both statements and highlight any transactions that appear on only one side. Note that transactions may take a few days to clear, so the transaction date in your financial records may not precisely match the date on your bank statement. Let’s take a look at a hypothetical company’s bank and financial statements to […]

In this guide, we’ll break down everything subcontractors need to know about taxes, so you can stay compliant and avoid any last-minute surprises. The Information Returns Intake System (IRIS) Taxpayer Portal is a system that provides a no cost online method for taxpayers to electronically file Form 1099 series. This free electronic filing service is secure, […]

Each comes with a basic set of tools for scheduling, daily logs and payment systems, with the features becoming more comprehensive the more you pay. Take a look at our detailed comparison of some of the best construction accounting software on the market today. Allowing contractors to create detailed project budgets, track expenses, and generate […]

If you don’t want to make the annual commitment, the cost is $249 per month. The Forbes Advisor Small Business team is committed to bringing you unbiased rankings and information with full editorial independence. We use product data, strategic methodologies and expert insights to inform all of our content and guide you in making the […]

When you foot the columns on one side, the sum must match the foots on the other. If there is no match, then the columns “don’t foot,” meaning either the math or one or more of the entries are in error. To cross foot means to verify, or cross verify, that the sum of the totals in […]

If you have a table of values, with both columns and rows, you can cross-foot to double-check your numbers. This means adding together all the column foots, footing in accounting and then comparing the result with the sum of all the rows in the table. You don’t need to foot a column if there is […]

During negotiations, officials for Maine offer to issue ten thousand shares of $1 par value common stock for this property. The shares are currently selling on a stock exchange for $12 each. The investor decides to accept this proposal rather than go to the trouble of trying to sell the land. The most common example […]

There are three types of transactions you will need to know when preparing a journal entry for common stock. These are issuing stock exchange for cash, for other non-cash assets or companies buying back their own stock. However, if there is such discount stock, the accounting treatment would treat such discount as a reduction of […]

Reduce costs and improve your bottom line with a fully integrated set of farm business features built to increase profitability. Simplify farm accounting, budgeting, financial reporting, cash flow analysis and make tax time a breeze. At Units Consulting Ltd., we offer Xero bookkeeping and data entry services that can help streamline a business’s account, expenses, […]