by Candy | Sep 16, 2014 | Bookkeeping, News
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...
by Candy | Sep 12, 2014 | Bookkeeping, News
In my last post, Understanding Assets on the Balance Sheet, I discussed the different types of asset accounts. Today I’ll give information on the remaining accounts that appear on the balance sheet: Liabilities and Equity. Liabilities – An obligation of an...
by Candy | Sep 9, 2014 | Bookkeeping, News
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...
by Candy | Aug 29, 2014 | Bookkeeping, Sales Tax
Chances are you aren’t thinking of your income taxes in August. However, in certain circumstances, you may need to make an adjustment to your tax status mid-year. Most of us want to limit any unexpected surprises at tax time next year. Other times, you might be...
by Candy | Jun 6, 2014 | Bookkeeping, Business, News
“Discontinuing operation” doesn’t just refer to halting your business or closing shop; rather, the term refers to stopping a part of your business operations (usually to be replaced by a new set of operations), like a strategic shift, significant change in...
by Candy | May 20, 2014 | Bookkeeping, Business, Sales Tax
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...