Contents: And then there’s stuff like labor and overhead. What does WIP stand for? Work in process vs. work in progress inventory The most obvious is that the items are in the process of being produced. They may be on a conveyor belt in the act of fabrication or they may be waiting in a…

Contents: Different types of IRS Form W-8 What are the Types of W-8 Series Tax Forms? What is a W-8 Form? Filling out form W-8BEN What happens if I’m asked to complete Form W-9 and I’m not a US resident or citizen? Our team of professionals helps you pay your freelancers in their currency and…

Content What are the duties of a bookkeeper? What’s the Difference Between a Bookkeeper and an Accountant? Salary Information for Bookkeeping, Accounting, and Auditing Clerks Duties of a Bookkeeper Bookkeeper job description Start using Xero for free Requirements and skills What are the legal steps to hire an employee like a bookkeeper? When your bank…

Content Accounting made for beginners How to Analyze Accounting Transactions, Part One Contra Accounts Normal Balance of an Account Accounting Principles I This is the No. 1 most-recommended savings account in September 2023 — and it’s paying an enticing 5.25% Normal account balance definition A T-account is called a “T-account” because it looks like a…

Keep in mind that those statements would still be considered objective even if they were false. For example, the sentence “The temperature outside is around 10°C” is an objective statement, because that statement will be equally true no matter who says it. Anybody in the world with a working thermometer could verify this statement. 6…

Content How to Determine Overhead Applied to Work in Progress How to Calculate the Predetermined Overhead Application Rate for Absorption Costing Purposes Predetermined overhead rate Relevance and Uses of Predetermined Overhead Rate Formula How to Calculate Predetermined Overhead Rate on Excel Templates An Example of Overhead Rate Hours Definition of Direct & Indirect Employees in…

Content Average Inventory Cost – Weighted Average Inventory Valuation Methods Your eCommerce Store Needs to Know Ways Retailers Can Manage Surplus and Overstock Inventory Accountant What does inventory valuation aim to achieve? In preparing the financial statements, the calculation of what isin closing inventory can be a major exercise for a business. Thebusiness may need…

Contents: Business Process Automation (BPA) Examples Reduced costs How to automate business processes What are the latest BPA trends? If you are looking for such an automated expense management solution, Klippa has precisely this service to offer. Over the past few years, more and more companies all around the world are driven towards automation. According…

Content Bookkeeping Services Pricing – How are they calculated? Don’t Look for the Cheapest Partner How Much Should I Charge for Bookkeeping Services? You’ll save money on accounting fees Starter You’ll save your business by not burning out Ideally, the clients whose books you review most often should have a lower rate than those that…

Cash increases with a $1,000,000 debit and equity increases with a $1,000,000 credit. Bellow, assets and expense accounts are presented first to aid beginners with memorization. Both these accounts increase with a debit and decrease with a credit. Here are some examples to help illustrate how debits and credits work for a small business. The…