SAP Crystal Reports is a universal reporting tool that can read data from many different database formats and present it in an organized and professional manner. For most of the widely used database formats, Crystal Reports includes the drivers needed to read them; and if not, most database vendors can provide it. In this article,…
All Accounting Articles - Page 15
IRS Schedule C Instructions Step-by-Step (Including C-EZ)
Schedule C, also known as “Form 1040, Profit and Loss,” is a year-end tax form used to report income or loss from a sole proprietorship or single-member LLC. You must file a schedule C if the primary purpose of your business is to generate revenue/profit and if you’re regularly involved in your business’s activities. Schedule…
Home Office Tax Deduction: What it is, Formula, & How to Qualify
If you are a sole proprietor or single-member LLC and use your home as your office, you could qualify for a home office tax deduction. For example, if you use 15% of your home as an office, you can write off up to 15% of your household bills, such as utilities, insurance, and general repairs….
What Are Current Assets: Formula & How to Calculate
Current assets are balance sheet assets that can be converted to cash within one year or less. Accounts that are considered current assets include cash and cash equivalents, marketable securities, accounts receivable, inventory, prepaid expenses, and other liquid assets. These short-term assets are a key component of a company’s net working capital and short-term liquidity….
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Deducting Travel & Entertainment Expenses: The Ultimate Guide
Most people know that travel and entertainment expenses are deductible, but don’t understand all of the rules and regulations around it. In general, you can write off 100% of all business-related travel expenses and 50% of all business-related entertainment expenses. In order to deduct the expenses, they must meet specific requirements set by the IRS….
How to Find a QuickBooks ProAdvisor
A QuickBooks ProAdvisor is a bookkeeper, accountant, or CPA who has passed one or more exams administered by Intuit (the creators of QuickBooks). These exams show that the ProAdvisor is proficient in one or more QuickBooks products. To maintain certification, the ProAdvisor must recertify every year by taking the latest exam. To find a local…
Time Management, Tracking & Billing for Freelancers
When completing a project for a client, smart time management can mean the difference between a high payout or a flop. Whether you work as a freelancer or a small team, keeping a close eye on your billable hours improves efficiency, and allows you to optimize your billing structure for more profitable deals. This is…
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Bad Debt Expense: Everything You Need to Know About Uncollectible Accounts
Bad debt expense is money that you are not able to collect from outstanding customer invoices. When an invoice is more than 90 days overdue businesses typically write it off as uncollectible bad debt. This will increase expenses on the profit and loss statement and decrease accounts receivable on the balance sheet by the same…
Trailing Twelve Months (TTM) – What It Is & How To Calculate It
Trailing twelve months (TTM), also known as the “last twelve months (LTM),” represents the most recent 12-months of data used for financial reporting. It typically measures past revenue or profits and is an effective way to analyze financial data in an annualized format. This shouldn’t be confused with a calendar or fiscal year. For example, a…
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Free Purchase Order Template & Instructions: How to Create a Purchase Order
A purchase order is used to request products or services from your supplier. It generally includes the details of the items that you intend to purchase, such as cost, quantity and description. In addition, it allows you to keep track of items ordered but not yet received. This info helps you to determine when you…
What Is The LIFO Inventory Method? Last In, First Out Explained
Last In First Out, also known as the LIFO inventory method, is one of five different ways to value inventory. LIFO assumes that the most recent items purchased (the newest items) are sold first. LIFO is best for businesses that sell non-perishable products that do not require refrigeration and generally have a longer shelf life….
What Is The FIFO Inventory Method? First In, First Out Explained
First in First out, also known as the FIFO inventory method, is one of five different ways to value inventory. FIFO assumes that the oldest items purchased are sold first. FIFO is best for businesses that sell perishable food/drink items or products that have an expiration date like certain medications. Keeping careful track of perishable…
