Category: Bookkeeping

A suspense account is essentially a bookkeeping technique for keeping track of funds for a brief period until particular issues are resolved. A business can use a suspense account to record payments it has received but that can’t be properly accounted for until certain missing information (such as an invoice number) is obtained. In mortgage […]

Credit ratings for a company and its bonds are generated by credit rating agencies like Standard and Poor’s, Moody’s, and Fitch Ratings. The very highest quality bonds are called “investment grade” and include debt issued by the U.S. government and very stable companies, such as many utilities. The difference is the amortization that reduces the […]

The total federal and state unemployment taxes will vary depending on each state’s unemployment program. Income tax is a type of tax the federal government (and most states) impose on individuals, businesses, and many other entities based on their income or profits. Payroll taxes include income taxes and taxes assessed for Social Security, Medicare, and […]

These are the note’s principal, maturity date, duration, interest rate, and maturity value. A note receivable of $300,000, due in the next 3 months, with payments of $100,000 at the end of each month, and an interest rate of 10%, is recorded for Company A. Or, we can combine this entry with the journal entry […]

Last year, the PCAOB found errors, which it refers to by the industry term “deficiencies,” in a full third of all the global audits it surveyed. In a new round of annual inspection reports released last week, that number rose to approximately 40%. Bookkeeping Services in Lancaster Gift CPAs has an experienced, talented group of […]