Category: Bookkeeping

Although true, it’s highly recommended that you don’t delete the TLG file. If you notice your QuickBooks TLG file is rather large, your first thought might be just to delete the file. With the high memory demands the TLG file places on QuickBooks, an out-of-control TLG file can result in errors, crashes and even corruption.…

Bigelow & Company CPAs, PLLC – Manchester provides tax, accounting, and financial services in the area. Its accountants are adept at handling financial statement audits, compilations, reviews, due diligence, and internal control assessments. They assist in tax and payroll preparation, address annual planning and compliance matters, and perform estate planning procedures. Moreover, they provide litigation…

This contains all the payments received but not yet deposited into the bank account. Enter the undeposited funds account – your trusty helper temporarily holding all the incoming payments. When you went to the bank you would create a bank deposit, and clear out the undeposited funds account.” As noted in LeanLaw’s trust accounting guide, “The…

A company with a ‘good’ gross profit is likely to have a competitive advantage in its industry, as it can afford to invest in growth while still maintaining profitability. A high gross profit suggests that a company is managing its manufacturing or service delivery costs effectively and generating a sufficient markup on its goods or…

An encumbrance balance refers to restricted funds that have been set aside for known future expenses of a company. When a vendor has been selected, and a purchase order or recurring purchase has been set up with the vendor, the payment becomes legally due. The funds allocated for the purchase can now not be used…

But it still needs to be reconciled, since it affects your working capital. Using the cash flow statement example above, here’s a more detailed look at what each section does, and what it means for your business. The direct method takes more legwork and organization than the indirect method—you need to produce and track cash…

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