Under the periodic system, the company makes only one journal entry for inventory sale by debiting accounts receivable or cash account and crediting the sales revenue account. In this journal entry, the company records the cost of goods sold as well as updates the inventory balances on the date of inventory sale. Likewise, the inventory […]

Content What is Trade Discount? Differences Between a Trade Discount and Cash Discount Ask Any Financial Question How to calculate discount and sale price? The company selling the product (and the buyer of the product) will record the transaction at the amount after the trade discount is subtracted. For example, when goods with list prices […]

Content Payroll Processing Gain operational efficiency and improve profitability See which items you track to make the most of real estate deductions User account menu How to Simplify Your Real Estate Accounting Needs QuickBooks Online Reducing Expenses Indirectly Again, a tax or accounting specialist can help you determine which method is best for your commercial […]

Content What is the purpose of management accountants? Help Management Function What Is Necessary for a Good Accounting System? What is Managerial Accounting? Directing Services/Tasks of Management Accountants This process influences and supports the creation of a long-term strategy. Being curious should be a central attitude you carry throughout your career. Management accountants are expected […]

Contents: AI-Based Collections Software Solutions Create clarity over required sales volumes Popular CPG Software Comparisons Get a Demo of Integrated Receivables Platform for Your Business Seamlessly unify analysis with planning You can’t accurately calculate your margins or cost of goods sold, so it’s much harder to analyze month-to-month operations and glean insights from your data. […]

Content HMRC issues guidance on abolition of pensions lifetime allowance Why you should check your tax code Customer Service Traditional accounting vs cash basis But, taxes aren’t just something you can ignore in the hope that they’ll go away. If you fail to pay, you could end up in a sticky situation with the taxman. […]

Content How can payroll build value in an organization Is Your Business Expanding? Here Are 4 Ways to Simplify Your Payroll. Report Retroactive Payroll Adjustments Explained Good Company Culture Increases Revenue by 4X Managing global benefits doesn’t mean offering all employees around the globe the same universal benefits package. Instead, the aim is to design […]

Yes, developing an allergy to alcohol later in life is possible, although rare. This can happen due to changes in the immune system or increased sensitivity to specific ingredients in alcoholic beverages, such as grains, sulfites, or histamines. An alcohol allergy involves an immune system overreaction to alcohol, which can cause widespread and sometimes life […]

Long-term provisions for liability are amounts set aside by a company to cover potential future obligations that are expected to occur more than one year in the future. These provisions are typically recorded on a company’s balance sheet as a liability. Examples of long-term provisions could include things like the cost of closing a plant […]