Understanding How Accounts Affect the Balance Sheet

In the last two posts, Understanding Assets on the Balance Sheet and Understanding Liabilities and Equity on the Balance Sheet, I explained the different types of accounts that appear on the Balance Sheet.  This report shows the health of the business at a single...

Understanding Assets on the Balance Sheet

As a bookkeeper, I provide reports to clients for them to know the health of their businesses.  Two of the main reports are the Profit and Loss (also known as the Income Statement) and Balance Sheet. Sometimes clients don’t understand what each type of account...

Handling IRS Notices

If you file your taxes and reports diligently and on time, you probably don’t expect to hear back from the IRS. But what if you do receive a notice? Rule one: don’t panic! Follow these tips on understanding and handling the unexpected notice. Is this...

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