Author name: mmgja

In theory, COGS should include the cost of all inventory that was sold during the accounting period. In practice, however, companies often don’t know exactly which units of inventory were sold. Instead, they rely on accounting methods such as the first in, first out (FIFO) and last in, first out (LIFO) rules to estimate what […]

Small Business Bookkeeper Richmond Hill will ensure that you do not miss key business deductions. Keeping records of business expenses organized sounds simple enough until they get lost. And when these kinds of mistakes happen, business transactions often end up improperly categorized or not recorded at all. They were spending too much time and money

If these expenses are combined, you do not need to support the business purpose of each expense. Instead, you can divide the expenses based on the total business use of the listed property. You can find the applicable percentages for listed property that is 5- or 10-year recovery property in Table 19 or 20 in

In this case, accountants will help you estimate how much taxes you owe for a specific quarter so you don’t have to pay too much annual income tax due by the end of the year. By hiring accountants, they will help you properly keep track of your financial records either through simple Excel sheets or

If a customer pays more than an invoiced amount, intentionally or not, the firm can choose to issue a debit memo to offset the credit to eliminate the positive balance. If the credit balance is considered material, the company would most likely issue a refund to the customer instead of creating a debit memo. This