by admin | Dec 5, 2022 | Bookkeeping
A creditor, in simple terms, refers to any entity or individual that is owed payment from a company or individual. These are the parties who have provided goods, services, or loans on credit, and are yet to be paid for their contribution. Creditors can be categorized...
by admin | Jan 17, 2022 | Bookkeeping
Failure to respond to the IRS letter may result in a procedural assessment of tax by the IRS against the foreign entity. If the foreign entity later becomes liable to file a U.S. tax return, the foreign entity should not apply for a new EIN, but should instead use the...
by admin | Dec 29, 2021 | Bookkeeping
A third option is to engage in just-in-time inventory purchases to reduce the inventory investment, though this can increase delivery costs. You might also consider returning unused inventory to suppliers in exchange for a restocking fee. Or, consider extending the...
by admin | Dec 20, 2021 | Bookkeeping
Companies that focus only on the current ratio may miss important information about the company’s long-term financial health. Negotiating better supplier payment terms can also improve a company’s current ratio. By extending payment terms or negotiating...
by admin | Jun 2, 2021 | Bookkeeping
That is where the risk comes from – a recent example of original estimates being derailed is the diesel scandal, whose shadow has been looming on the residual value of cars. These guidelines are outlined by the International Financial Reporting Standards Foundation...
by admin | Apr 26, 2021 | Bookkeeping
If a transaction or an event does not have a financial implication, it will not be recorded in the accounting books. When the client pays the invoice, the accountant credits accounts receivables and debits cash. Double-entry accounting is also called balancing the...
