Category Archives: Bookkeeping

How To Clear Undeposited Funds In Quickbooks Online

This bank deposit serves as the vehicle to clear the undeposited funds and record the actual deposit into your bank account. Before creating a new bank deposit, review your undeposited funds account and organize the transactions within it. This step ensures that all the payments you want understanding gaap vs ifrs to clear are accounted […]

8 Tools for a Virtual Bookkeeping Practice

The Wave suite of apps manages tasks like invoicing, payroll, and accounting/bookkeeping for small business owners. In-house teams use it to streamline their processes — data entry, bill payment, budget management, and more. Virtual bookkeepers use it to expand their offerings and provide even better service to their clients. Learn how you can use BILL’s […]

Current Ratio Calculator

It doesn’t involve one single metric; instead, it is a way of analyzing a variety of financial data about a company. A regular review of your company’s financial ratios can help you focus on areas that may need improvement. Liquidity, efficiency, and profitability ratios, compared with other businesses in your industry, can highlight any strengths […]

Bookkeeping for Nonprofits: A Basic Guide & Best Practices

Sage allows nonprofits to track and manage multiple funds, budgets, and grants. It enables organizations to accurately allocate expenses, generate specific reports, and monitor unrestricted and restricted funds simultaneously. QuickBooks also includes features for fund accounting including the ability to monitor grants, funds, and budgets. It enables nonprofits to assign income and expenses to specific […]

How Do QuickBooks and Xero Compare?

Yes, both have a fixed asset manager that allows you to track fixed assets and calculate depreciation. Fixed asset accounting is part of all Xero’s plans, whereas it’s offered only in the most expensive plan of QuickBooks Online, Advanced. We went to user review websites to read first-hand reviews from actual software users. Banking: QuickBooks […]

Cash vs Accrual Accounting: Decoding the Key Differences for Business Owners

This statement provides an overview of cash inflows and outflows from operating, investing, and financing activities. When using accrual accounting, the cash flow statement can help business owners better understand the timing and magnitude of their cash flows, enabling more informed decision-making in their operations. It’s important for corporations to select the right accounting software […]

What is account reconciliation? Sage Advice US

The analytics review approach can also reveal fraudulent activity or balance sheet errors. In this case, businesses estimate the amount that should be in the accounts based on previous account activity levels. In order for reconciliation in account to be most effective in preventing errors and fraud, it’s important to conduct the process frequently. Why […]