If your bank’s online tools allow you to keep track of your written checks, record it there. To make automatic payments, you need your institution, branch number, and bank routing number. A voided check helps companies that make deductions for automatic payments avoid problems caused by user errors. A voided check is a paper check…

That’s around a $8,000 difference in annual salary excluding deductions… Here’s the basics you need to know to stay on top of your books and taxes. Greenlight Apples also did not make any additional asset or investment sales. With no other sources of income, the total revenue remains $1,000,000. Retirement Planning Medicare tax withheld represents…

It’s a critical financial statement that provides insight into a company’s financial performance, including revenue, expenses, and net income over an accounting period (usually a quarter or a year). Analysts and investors use income statements to evaluate how well a company generates earnings and pays off debt on time. A company with consistent earnings is…

By incorporating this knowledge into your investment research or corporate financial planning, you can make more informed decisions about company financial health and debt sustainability. As economic downturns have a significant impact on all accounting operations of a business, it also possesses the ability to turn a good TIE ratio into a low TIE ratio,…

It’s included in the company’s records, but an adjusting entry is made to reconcile with the bank statement. This simply means the deposit is in transit—it hasn’t been processed by the bank yet. In your bank reconciliation, you’d add this amount to the bank statement balance to reflect the true total. No journal entry is…

The GL is organized not by customer, but by date (chronologically). We didn’t create a new account for the collection fee; we just used our existing bank fees account. However, if this kind of thing happened a lot, we might want to have a tracking account for those collection fees specifically. These entries ensure your…

The formulas for linear least squares fitting were independently derived by Gauss and Legendre. The least squares method is a method for finding a line to approximate a set of data that minimizes the sum of the squares of the differences between predicted and actual values. For nonlinear least squares fitting to a number of…

Least squares is a method of finding the best line to approximate a set of data. Note that this procedure does not minimize the actual deviations from the line (which would be measured perpendicular to the given function). In addition, although the unsquared sum of distances might seem a more appropriate quantity to minimize, use…

It offers plenty of customization options, which can be a great deal for those wanting to present and maintain a professional brand image. On the other hand, Xero lets you add your company logo compilation vs review vs audit and edit fields, but you can’t change the invoice colors. Another notable difference is that QuickBooks…

This plan also gives you a dedicated expensing vs capitalizing in finance account team to help with training, troubleshooting and setup. Xero and QuickBooks are both great accounting software options for small businesses. They both offer a wide range of features, an easy-to-use interface and competitive pricing. While Bookkeeper360 provides bookkeeping services for Xero users,…