Xero

JANUARY 30, 2024

If you sell a property for more than the price you paid for it, plus incidental costs like legal fees, stamp duty, and real estate agent commissions, you might need to pay CGT. The ATO categorises these into three groups: expenses claimable in the current financial year (e.g. personal expenses from property use).

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XERO Accounting Accounting Bank Reconciliation 238

Accounting Tools

APRIL 14, 2024

What is Supplies Expense? Supplies expense refers to the cost of consumables used during a reporting period. Depending on the type of business, this can be one of the larger corporate expenses. There are two types of supplies that may be charged to expense, which are noted below.

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Accruals Accounts Payable Accounts Payable Accounting 40

Accounting Tools

AUGUST 29, 2023

An imprest fund is a small amount of cash that is set aside for use in paying for incidental expenses. Related Articles How to Reconcile Petty Cash How to Start a Petty Cash Fund Petty Cash Accounting Petty Cash Procedure The Petty Cash System

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Petty cash Reconciling Bookkeeping Auditing 40

Accounting Tools

MAY 21, 2023

Eliminate all Revenue and Expense Accounts The trial balance is comprised of accounts for revenue, expenses, gains, losses, assets, liabilities, and equity. Incidentally, the eliminated accounts are used to construct the income statement.

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General Ledger Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

OCTOBER 19, 2023

Thus, the replenishment process shifts cash from a central cashier location to one or more petty cash locations, where it is drawn down as incidental expenses are paid. The petty cash custodian pays for a number of expenses , reducing the cash balance by $275. Related Articles Petty Cash Replenishment The Imprest System

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Counto

FEBRUARY 4, 2024

Business Expenses and Tax Deductions for Singapore Companies Running a business in Singapore involves various expenses, from daily operational expenses to capital investments. Understanding which of these expenses are tax-deductible can significantly impact your business’s financial health.

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Tax Payroll Accounting Accounting 52

Accounting Tools

JUNE 6, 2023

In all of the preceding examples, rate fences are intended to force business travelers to pay the highest possible price, while allowing vacationers or incidental travelers access to lower prices. By doing so, a business is maintaining its highest pricing for its best customers, while using rate reductions to attract additional customers.

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