Accounting Tools

APRIL 7, 2024

Income taxes payable. Income taxes payable to the government. Payroll taxes payable. Taxes payable that result from the completion of a recent payroll transaction. Sales taxes payable. Sales taxes charged to customers, which the company must remit to the applicable taxing authority.

General Ledger 75

General Ledger Payroll Deposits Invoicing 75

Accounting Tools

MAY 16, 2024

Double taxation occurs whenever income tax is paid twice on the same income. The situation arises in a C corporation , where the corporation pays income tax on its earnings and then issues dividends to its shareholders , who are taxed again on their dividend income. What is Double Taxation? Not issue dividends.

Corporation Tax 40

Corporation Tax Tax 40

Accounting Tools

MAY 9, 2024

Examples are accounts payable, taxes payable, and wages payable. Examples are product sales, service sales, and subscription fees. This is the reduction in value of an asset as it is used to generate revenue. These are items of economic benefit that are expected to yield benefits in future periods. Liabilities.

Financial Statements 73

Financial Statements Accounts Payable Accounts Payable Accounts Receivable 73

Accounting Tools

NOVEMBER 7, 2023

Related Courses Sales and Use Tax Accounting Sales tax is a state and local tax paid by the buyer of goods and services at the point of sale. It is derived by multiplying the price paid by the sales tax rate. The company is then liable to pay the collected sales taxes to the government.

Tax 75

Tax Collections Accounting Accounting 75

Accounting Tools

OCTOBER 13, 2023

Related Courses Sales and Use Tax Accounting What is Sales Tax? A sales tax is a tax imposed on retail goods and services at the point of sale. A business is required to collect sales tax when it has nexus within the taxing region. Sales Taxes Payable

Tax 73

Tax Collections Accounting Accounting 73

Accounting Tools

MARCH 29, 2024

What are Sales Taxes Payable? Sales taxes payable is a liability account in which is stored the aggregate amount of sales taxes that a business has collected from customers on behalf of a governing tax authority.

Tax 40

Tax Accounts Payable Accounts Payable Collections 40

Accounting Tools

JULY 25, 2023

Related Courses Sales and Use Tax Accounting Overview of Sales Taxes Customers must be charged a sales tax on some sales transactions if the seller has nexus in the territory of the government entity that charges the tax. Having nexus can result in multiple overlapping sales taxes.

Tax 74

Tax Accounting Accounting Accounts Receivable 74

Counto

APRIL 10, 2024

Startup Tax Exemptions: Unlocking Savings with Expert Strategies and Real Examples At Counto, we’re not just about numbers; we’re about making the complex world of taxes simpler for you. Today, we’ll have a closer look at startup tax exemptions, an essential piece of knowledge for every new business owner and entrepreneur.

Tax 98

Tax Corporation Tax Bookkeeping Accounting 98

Accounting Tools

JUNE 18, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is Return on Sales? The return on sales is a ratio used to derive the proportion of profits generated from sales. This results in a gradual decline in the return on sales.

Financial Statements 74

Financial Statements Tax 74

Accounting Tools

FEBRUARY 16, 2024

Profitability ratios are a set of measurements used to determine the ability of a business to create earnings. When using profitability ratios, it is best to compare a company's results for the current period to the results for the same period in the preceding year. This is used for breakeven analysis.

Accruals 75

Accruals Financial Statements Accounts Receivable Accounts Receivable 75

Accounting Tools

NOVEMBER 7, 2023

As such, it is used to plan for the revenue enhancements and cost reductions needed to improve profitability. The statement is particularly useful when viewed on a trend line , to see how an organization is faring over time. Sales The gross sales line item includes all sales recognized by the business during a reporting period.

Financial Statements 74

Financial Statements Accruals Tax Accounting Software 74

Accounting Tools

OCTOBER 6, 2023

A smaller firm can dispense with the more specialized accounts and instead use an abbreviated chart of accounts. However, please note that there are nearly always special accounts used in some industries, which are not mentioned in the following list. Includes all accrued liabilities, such as for wages and taxes. Fixed assets.

Accounting 75

Accounting Accounting Bookkeeping CPA 75

Accounting Tools

NOVEMBER 3, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook The accrual basis of accounting is used to record revenues and expenses in the period in which they are earned, irrespective of the timing of the associated cash flows. Shift prior period sales. Shift these transactions to sales in the period when the cash was received.

Accruals 75

Accruals Accounting Accounting Accounts Payable 75

Accounting Tools

APRIL 28, 2024

Taxes payable. Includes all taxes payable to the applicable government entities; examples are sales taxes and use taxes. Related AccountingTools Courses How to Audit Liabilities The Balance Sheet Related Article Liability Accounting Includes all billed liabilities owed to the suppliers of a business.

Deposits 40

Deposits Accounts Payable Accounts Payable Tax 40

Accounting Tools

NOVEMBER 1, 2023

Here are several examples of the types of transactions in which an accountant may become involved: Issuing an invoice to a customer , which involves recording a sale and account receivable. Tax reports are issued to several government entities. Reconciling a bank statement , which likely produces adjustments to the cash account.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

SEPTEMBER 8, 2023

For a company, gross income equates to gross margin , which is sales minus the cost of goods sold. Thus, gross income is the amount that a business earns from the sale of goods or services, before selling, administrative, tax, and other expenses have been deducted. Its gross income is $400,000 and its net income is $150,000.

Financial Statements 76

Financial Statements Payroll Tax 76

Counto

MARCH 19, 2024

Here’s a comprehensive guide to annual return filing and record-keeping for sole proprietors: Personal Income Tax Filing In Singapore, a sole proprietorship isn’t a separate legal entity. Tax Deadlines Resident sole proprietors generally need to file their personal income tax returns by April 15th each year.

Record Keeping 52

Record Keeping Financial Records Accruals Corporation Tax 52

Accounting Tools

JULY 17, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook A bad debt can be written off using either the direct write off method or the provision method. It may also be necessary to reverse any related sales tax that was charged on the original invoice, which requires a debit to the sales taxes payable account.

Invoicing 75

Invoicing Accounts Receivable Accounts Receivable Account Receivables 75

Accounting Tools

NOVEMBER 26, 2023

Economic nexus is created when a business generates a certain amount of sales in a particular state. Some state governments measure this figure based on the overall dollar amount of transactions generated, while others combine the concept with the total number of individual sales transactions completed. Sales and Use Taxes

Tax 40

Tax Accounting Accounting 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses Sales and Use Tax Accounting Sales taxes are generally applied to the sale of any goods. This means that a business does not pay sales tax on any purchases it makes that are to be resold to a third party. Related Articles Is Sales Tax an Expense or a Liability?

Tax 40

Tax Accounting Accounting Billing 40

Accounting Tools

FEBRUARY 11, 2024

The income statement also notes any tax expense, while the balance sheet contains any unpaid tax liabilities. Uses - Creditors and Lenders Creditors and lenders use the balance sheet to see if a business is over-leveraged, which tells them if they should extend additional credit to the entity. What is a Balance Sheet?

Financial Statements 75

Financial Statements Tax Accounting Accounting 75

Accounting Tools

OCTOBER 8, 2023

Related Courses Law Firm Accounting Partnership Accounting Partnership Tax Guide The Nature of a Partnership A partnership is a business arrangement in which two or more people own an entity, and personally share in its profits , losses , and risks. The exact form of partnership used can give some protection to the partners.

Tax 75

Tax Accounting Accounting 75

Nolan Accounting Center

OCTOBER 15, 2023

We offer a variety of financial services including accounting, bookkeeping, payroll, and tax prep. In this article, we’ll explain the three types of financial forecasting, as well as the steps involved. In this article, we’ll explain the three types of financial forecasting, as well as the steps involved.

Budgeting 90

Budgeting Account Bookkeeping Payroll Financial Services 90

Accounting Tools

AUGUST 27, 2023

Related Courses Sales and Use Tax Accounting What is a Multiple Points of Use Certificate? The issue can be eliminated by obtaining a multiple points of use certificate (MPU) from the state government. The issue can be eliminated by obtaining a multiple points of use certificate (MPU) from the state government.

Computation 40

Computation Tax Collections Accounting 40

Accounting Tools

JANUARY 14, 2024

A general fund is the primary fund used by a government entity. This fund is used to record all resource inflows and outflows that are not associated with special-purpose funds. The activities being paid for through the general fund constitute the core administrative and operational tasks of the government entity.

Tax 40

Tax Auditing Accounting Accounting 40

Accounting Tools

NOVEMBER 3, 2023

Related Courses Sales and Use Tax Accounting Sales tax is a tax imposed on retail goods and services at the point of sale. Economic nexus may also be present, where your sales into a state exceed a certain threshold level. The following steps show how to calculate it.

Tax 40

Tax Invoicing Accounts Receivable Accounts Receivable 40

Accounting Tools

SEPTEMBER 7, 2023

It is extremely useful to include classifications, since information is then organized into a format that is more readable than a simple listing of all the accounts that comprise a balance sheet. Related Courses The Balance Sheet The Interpretation of Financial Statements What is a Classified Balance Sheet?

Computation 75

Computation Financial Statements Tax Accounting 75

Accounting Tools

MAY 21, 2023

The profit ratio compares the earnings reported by a business to its sales. The profit margin ratio is customarily used in each month of a month-to-month comparison, as well as for annual and year-to-date income statement results. It is a key indicator of the financial health of an organization.

Accruals 75

Accruals Financial Statements Tax Accounting 75

Xero

FEBRUARY 12, 2023

Our team are here to help — visit Xero Central for learning articles, support and more. Our team are here to help — visit Xero Central for learning articles, support and more. Q: How do I know I’m using the old version? Have another burning question? Q: Why are you getting rid of old reports? Good question!

XERO 264

XERO Budgeting Financial Analysis Budgeting Manager 264

Accounting Tools

OCTOBER 21, 2023

Tax Avoidance A company can alter its tax returns to reveal less taxable corporate income than is really the case, resulting in lower tax remittances. This can only be done with the connivance of senior management, which typically signs off on the tax returns. Here are several examples.

Financial Statements 75

Financial Statements Expense Reports Tax Payroll 75

Accounting Tools

AUGUST 27, 2023

Related Courses Sales and Use Tax Accounting What are Sales and Use Taxes? Sales and use taxes are used by governments to derive income from the sale of tangible personal property. The application of sales tax to all sale transactions is by no means comprehensive.

Tax 40

Tax Collections Auditing Billing 40

Counto

FEBRUARY 7, 2024

As a business owner in Singapore, understanding the ins and outs of Goods and Services Tax (GST) registration is crucial. Here’s a quick rundown: Output Tax: Registered businesses must charge GST on goods and services sold locally, known as Output Tax. What is GST Registration?

Corporation Tax 52

Corporation Tax Record Keeping Tax Auditing 52

Accounting Tools

JULY 24, 2023

This article gives an overview of financial accounting basics for the non-accountant. These are sales on credit, which customers must pay for at a later date. This is items held in stock, for eventual sale to customers. These are more expensive assets that the business plans to use for multiple years. Income taxes.

Financial Accounting 75

Financial Accounting General Ledger Accounting Accounting 75

Accounting Tools

JUNE 14, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management A commission is a fee that a business pays to a salesperson in exchange for his or her services in either facilitating or completing a sale. Calculating a sales commission depends on the structure of the underlying commission agreement.

Payroll 74

Payroll Accruals Collections Accounts Receivable 74

Accounting Tools

SEPTEMBER 9, 2023

Related Courses Cost Accounting Fundamentals A fixed cost is a cost that does not change over the short-term, even if a business experiences changes in its sales volume or other activity levels. Conversely, a business with low fixed costs can continue to operate profitably even when its sales are low. Property taxes.

Cost Accounting 75

Cost Accounting Tax Accounting Accounting 75

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. What Are Business Expenses?

Tax 52

Tax Payroll Accounting Accounting 52

Accounting Tools

DECEMBER 28, 2023

Examples of cash inflows from operating activities are cash receipts from the sale of goods and services, and receipts from the collection of accounts receivable. Examples of cash inflows from operating activities are cash receipts from the sale of goods and services, and receipts from the collection of accounts receivable.

Collections 75

Collections Accounts Receivable Accounts Receivable Account Receivables 75