Category archive: Bookkeeping
What Your Home Loan Balance Means
This protects the bank’s investment in your property by making sure that the taxes and insurance get paid. The third part of your payment goes toward your escrow balance. In many mortgages, funds are held in escrow to pay property taxes and homeowners insurance. When your taxes or insurance is due, the company servicing the
DetailsInventory write down journal entry Example
A write-down is performed when the inventory suffers a drop in value but still has some market value. But if inventory completely loses value, then it is written off (i.e., eliminated from the books altogether). Data-backed inventory replenishment decisions can reduce the amount of dead stock you have as well as inventory carrying costs. Optimally
Details3 2 Calculate a Break-Even Point in Units and Dollars Principles of Accounting, Volume 2: Managerial Accounting
Since the price per unit minus the variable costs of product is the definition of the contribution margin per unit, you can simply rephrase the equation by dividing the fixed costs by the contribution margin. The Break-even point is calculated by dividing the fixed costs by the sales price per unit minus the variable cost per
DetailsOdoo Implementation Steps: Define Build. Validate. Deploy
It is essentially a prototype build that serves to prove a hypothesis from a technical perspective, demonstrating that the proposed solution is feasible. A POC helps validate the concept before significant time and resources are invested in its development. Once the POC is successfully completed, it can serve as a starting point for the full-scale
DetailsBalance Sheet Example and Explanation
These are the obligations of the business to outside parties that arise from usual business operations and financing activities. This section is also divided into two subsections – Current Liabilities and Non-Current Liabilities. More details about the structure of the balance sheet and its relationship to the other financial statements can be found in the
DetailsHow to Calculate Manufacturing Overhead Costs Step by Step
These costs include the physical items which are essential for manufacturing. They usually include the cost of the property where the manufacturing is taking place and its depreciation, purchasing new machines, repair costs of new machines and other similar costs. Accountants calculate this cost by either the declining balance method or the straight line method. In the
DetailsFlorida LLC Taxes: Everything You Need to Know
I like the easy, three-step process to run payroll but found it difficult to get around the warnings. Also, time off data doesn’t necessarily sync with payroll or an employee’s time off information in their profile. With the Tax Cuts and Jobs Act of 2017, the Qualified Business Income (QBI) deduction went into place for
DetailsWhat Is FIFO Method: Definition and Example
For inventory tracking purposes and accurate fulfillment, ShipBob uses a lot tracking system that includes a lot feature, allowing you to separate items based on their lot numbers. If suppliers or manufacturers suddenly raise the price of raw materials or goods, a business may find significant discrepancies between their recorded vs. actual costs and profits.
DetailsOdoo development The first step How to become an Odoo developer
Familiarize yourself with variables, data types, control structures, loops, and object-oriented programming (OOP) principles. In addition, proficiency in Python is crucial as Odoo is primarily built using Python. Daniel is a seasoned IT professional with extensive experience implementing business applications across a broad range of sectors. This means that a full backup of an Odoo
DetailsWhat Are Investing Activities? How to Report Investment Activities on the Cash Flow Statement
The subsequent section is the CFI section, in which the cash impact from the purchase of non-current assets such as fixed assets (e.g. property, plant & equipment, or “PP&E) is calculated. Conversely, substantial cash flows invested in practices with negative environmental or social impacts could potentially harm a company’s reputation. For example, funding operations linked
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