Eric Gerard Ruiz, CPA

Switching to a new accounting system is not an easy process, but an accounting software implementation plan can make things easier: Step 1: Planning. Assess the need for a new platform and the software product you want to use. Step 2: Preimplementation. Prepare the entire company for implementation, wherein you examine if the technology in…

Deferred revenue (also called unearned revenue or income) is a liability owed to a customer for the value of goods or services the customer has paid for but not yet received. When a customer prepays for goods or services, the business must record the receipt of cash as deferred revenue on the balance sheet and…

BILL (formerly Bill.com) is a web-based billing and invoicing software for small businesses and accounting firms. It features accounts payable (A/P) automation to streamline your processing of accounts payable and speed up the settlement of vendor invoices. Payments can be faster if the vendor is also a BILL user, thanks to the BILL vendor network….

An invoice is a document that you send to customers to request or collect payment for a good or service that has already been provided. The invoicing process starts when the business fulfills the order and delivers it to the customer. In Wave, you can create professional-looking invoices quickly and easily. In our example below,…

QuickBooks Online Advanced users can use the built-in Fixed Asset Manager to store key fixed asset information and compute depreciation. In this guide, we’ll go over how to use the QuickBooks Online Fixed Asset Manager by showing you how you can add and edit fixed assets and generate a depreciation schedule. Viewing the Fixed Asset…

QuickBooks is the most popular accounting software brand not only in the United States but also worldwide. Intuit, the owner and developer of QuickBooks, marketed it primarily as desktop software in the 1990s—but it eventually ventured into cloud accounting in 2001 through QuickBooks Online, which now earns twice the revenues of its desktop counterpart. Here…

Consignment allows businesses to sell goods via third-party sellers without requiring the sellers to pay for the goods upfront. Because consignees are only tasked with selling consigned inventory, ownership remains with the consignor until it is sold to final customers. In exchange, the consignee will get a commission from the sales. In this article, we’ll…

Recording depreciation begins with choosing a depreciation method and ends with ensuring the total accumulated depreciation shown in your general ledger agrees with your end-of-year accumulated depreciation. It requires debiting depreciation expense and crediting accumulated depreciation, as shown in the journal entry below: However, knowing the journal entry syntax isn’t enough. Your primary concern should…

Accounts payable (A/P) is the amount that a small business owes to third-party suppliers and vendors. It is a liability account in the balance sheet that shows the outstanding amounts that are yet to be paid. This article will teach you what accounts payable are and how you should account for them properly in the…

It’s easy to confuse a sales order (SO) with a purchase order (PO). While these two may have the same information, the PO always comes from the buyer as it’s a formal document requesting a supplier to provide the goods to the buyer. Meanwhile, the SO always comes from the seller, given it’s a formal…

A relevant cost for decision-making is a cost that varies when evaluating two or more alternatives. Relevant costing is used only for short-term and nonroutine decisions. While relevant costs are important, managers should also consider nonquantitative factors in decision-making. In this article, we’ll go over the process of relevant costing and how you can apply…

To help you hire the best candidate for this position, we’ve prepared 12 bookkeeper interview questions that will gauge the candidate’s hard and soft skills, work ethic and behavior, and overall capability in doing the job. We also have a free downloadable bookkeeping assessment test to help you assess the applicant’s technical knowledge of accounting…