Category: Bookkeeping

He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem. It’s easy to get started when you open an investment account with SoFi Invest. If both companies have $1.5 million…

If the totals don’t balance, you’ll get an error message alerting you to correct the journal entry. Implementing accounting software can help ensure that each journal entry you post keeps the formula and total debits and credits in balance. The journal entry to increase inventory is a debit to Inventory and a credit to Cash.…

You can make changes to past reconciliations, but be careful. Changes can unbalance your accounts and other reconciliations. We’re here to help simplify things for you with this guide on how to create an accounting system for a small business. As an accountant or a business owner, it’s your job to be proactive in order to…

Be it startups, small to medium-sized businesses, or non-profit organizations, outsourcing offers major advantages. One of the best advantages of working with an outsourced accounting team is that you’ll get access to the most up-to-date accounting software. Outsourced accounting refers to all the accounting services from an external service provider hired by a business. Outsourcing…

A journal recording is based on a double-entry system so the total of the debit column is equal to the credit column. A related account is Insurance Expense, which appears on the income statement. 14)  Purchased equipment for $2,500; paid $1,000 down and will pay the different in monthly payments during the next year. D.…

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Liquidity ratio analysis can be defined as the measurement of the short-term solvency of a company. Although examining organizations’ profitability and efficiency is crucial, liquidity risks remain very real and serious, as demonstrated by the 9/11, Lehman, and COVID crises. We then divide the quick assets by the average daily cash expense to obtain the…