This includes segregating duties, conducting regular audits, and maintaining proper documentation. By having strong internal controls, nonprofit organizations can minimize the risk of fraud and errors in their financial statements. The Liabilities Section of the Statement of Financial Position provides important information about the financial obligations of a nonprofit organization. By understanding the Liabilities Section, […]

You can use simple and intuitive accounting software for startups to automate the accounting process and get an up-to-date view of your cash flow. One of your best choices is to try FreshBooks accounting software for free. It can help you navigate the growth of your business and keep your startup’s financial health in tip-top […]

It is like an income statement for for-profit businesses but is tailored to the unique needs and structure of nonprofits. The section of additional disclosures in nonprofit financial statements provides important information that goes beyond the basic financial data. It includes details about significant accounting policies, potential risks and uncertainties, and other relevant information that […]

Organizations must follow basic accounting practices when filing these statements and find ways to share these details in ways donors can understand. Non-profit accounting software can be a valuable tool for managing and generating important financial statements for nonprofits. Though nonprofits are not required to create an annual report, many organizations compile and release one […]

Think of a journal entry as the Snapchat of accounting—capturing a moment in your business’s financial life. It’s a record made to keep track of the various business transactions that occur. These entries are usually recorded in the company’s general ledger, which is like the grand archive of all your financial dealings. A journal entry […]

In dollar terms, Westchester County has some of the highest property taxes not only in the state of New York, but in the entire country. The typical Westchester County homeowner pays more than $9,000 annually in real estate taxes nyc tax rate alone. While the county does have very high home values, with a median […]

Its services are tailored to suit the client’s needs and help achieve their goals, from expanding the business to buying a new home for the family. James Keep is a licensed Oregon state tax consultant and enrolled agent. PDX Bookkeeping and Tax LLC is a full financial service company that serves clients in Portland. Expertise.com […]

Also, do not donate the money to charity or use it for another client – the safest path is through the OBF or Unclaimed Property channels as described. Before contra asset account remitting to OBF, you can also call the OBA Ethics Counsel or OBF for guidance on the proper steps; they can confirm the […]

You calculate working capital by subtracting current liabilities from current assets, providing insight into a company’s ability to meet its short-term obligations and fund ongoing operations. Current assets include assets a company will use in fewer than 12 months in its business contribution margin operations, such as cash, accounts receivable, and inventories of raw materials […]

While the interest is not included in the agreement, the item would have cost $15,000 if it was purchased outright. They are long-term debt instruments that typically accrue interest. Firms issue notes for a variety of reasons, including to purchase assets or to raise working capital. Notes Payable Issued at a Discount In this way, […]