Additionally, since the stock is only updated occasionally, more resources are available for other corporate operations. The perpetual system may be better suited for businesses that have larger, more complex levels of inventory and those with higher sales volumes. For instance, grocery stores or pharmacies tend to use perpetual inventory systems. Adjusting and Closing Entries…
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Some software allows for cloud-based storage which allows data entry from any location. Intuit’s QuickBooks is a popular small business accounting solution widely used across multiple industries. The software has a user-friendly interface, robust features and third-party integrations, and scalability as your contracting business grows. Contracting businesses in particular can benefit from QuickBooks Enterprise, which…
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The overapplied factory overhead is considered as a variance and is typically recorded in the accounting records through an adjusting entry at the end of the accounting period. The entry would debit the Factory Overhead Control account and credit Cost of Goods Sold (or an equivalent expense account). By doing so, the overapplied overhead cost…
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For example, a recording virtual accountant artist’s contract may stipulate different royalty rates for physical media sales versus streaming, necessitating careful tracking of revenue streams. In today’s business landscape, many companies generate revenue through royalties and licensing fees. Whether it’s the use of intellectual property, brand licensing, or content distribution, understanding how to account for…
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A debit memorandum, or debit memo, is a notice informing customers about a decrease in the balance of their account that needs correction. Qualifying accounts can even access their paycheck up to two days early. As best as you can, check your checking account for low balances, and set up alerts for all transactions. It…
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