Accounting

What is the difference between cash-basis and tax basis? Under the cash method, you generally report income in the tax year you receive it, and deduct expenses in the tax year in which you pay the expenses. Under the accrual method, you generally report income in the tax year you earn it, regardless of when … Read more

How do you record rental revenue? To account for rent income you have earned but will collect at a later date, debit the rent receivable account by the portion earned, and credit the rent income account by the same amount. The debit increases the receivables account, which is an asset that shows money your tenant … Read more

Why is net sales higher than gross sales? Because net sales are the combination of gross sales and any deductions, net sales are always lower than gross sales. When making deductions, you always subtract returns, allowances and discounts. Calculating gross sales involves multiplying total sales by item price or adding the amount of all transactions. … Read more

How do I collect money? Here are 10 tips to help you collect bills faster and deal with late payers. Be clear about payment terms. Get invoices out faster. Explore mobile billing technology. Track outstanding bills. Cultivate relationships. Pursue late bills diligently. But be flexible. Offer early-payment discounts. Read more on www.bdc.ca A vital aspect … Read more

What should an entry level accountant know? Entry Level Accountant Requirements. Good organizational abilities. Excellent numerical and analytical skills. Knowledge of accounting and financial reporting competencies. Proficiency in MS Office and competency in computer software (e.g. SAP). Read more on www.betterteam.com The field of accounting has been around for centuries. It is a crucial component … Read more

What is sale on consignment basis? Definition: Consignment sale is a trade arrangement wherein the goods are entrusted with a third party (often on commission basis) to be sold on the owner’s behalf. Read more on www.myaccountingcourse.com A seller (consignor) agrees to supply products to a retailer (consignee), who will then sell the items to … Read more

Does Amazon report net-30? As far as I know the Amazon Net 30 has never reported. It might help you qualify for the Net 55 though which does report along with the revolving. Always good to build some history. Read more on ficoforums.myfico.com Businesses can pay their bills under the payment period known as “Net-30” … Read more

How do I set up a net 30 account with Grainger? Read more on www.youtube.com Leading industrial supplier Grainger provides a variety of goods and services to companies of all sizes. If you purchase from Grainger frequently, you might want to think about opening a net 30 account with them. By doing this, you’ll be … Read more

Does cash accounting have a balance sheet? Cash basis accounting uses the same financial statements as accrual accounting: an income statement, a balance sheet, a statement of cash flows, and a retained earnings statement. Read more on howtostartanllc.com Using actual cash inflows and outflows as the basis for recording transactions is known as cash accounting. … Read more

Is rental revenue included in net income? In short, net income is the profit after all expenses have been deducted from revenues. Expenses can include interest on loans, general and administrative costs, income taxes, and operating expenses such as rent, utilities, and payroll. Read more on www.investopedia.com Rental revenue is the money that a company … Read more