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  • Fundamental Accounting Equation

    Oct 21, 2019 0 comment(s) Categories: Bookkeeping
    Fundamental Accounting Equation

    Fundamental Accounting Equation Although these equations seem straightforward, they can become more complicated in reality. Many small business owners find it much more challenging to balance the right side of the equation with the left side of the equation when factoring in the potentially hundreds of accounts they have in their company. Before I could run the business, my dad told me that I must figure out how to read an accounting equation . Balance Sheet It's a visual representation of individual accounts that looks like a “T”, making it so that all additions and subtractions (debits and credits) to the account can be easily tracked and represented visually. This guide to T Accounts will give you examples of how they work and how to use them. In

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  • What Is An Enrolled Agent?

    Sep 25, 2019 0 comment(s) Categories: Bookkeeping
    What Is An Enrolled Agent?

    What Is An Enrolled Agent? It's eight hours over two days, and it covers all aspects of federal tax law, including taxation of individuals, corporations, and partnerships. It includes various regulations governing IRS collections and audit procedures. Treasury Department. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. NAEA members must additionally comply with the Association's code of ethics and rules of professional conduct or they risk losing their memberships. Of course, simply passing the SEE or working for the IRS for five years is almost too easy. However, it's advised that

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  • Bookkeeping Basics #1: Understand the Fundamentals

    Mar 05, 2019 0 comment(s) Categories: Bookkeeping
    Bookkeeping Basics #1: Understand the Fundamentals

    Bookkeeping Basics #1: Understand the Fundamentals It’s a key component of calculating “Cost of Goods Sold” (COGS), which you subtract from Sales to find your company’s gross profit. Cash. It doesn’t get more basic than this. All of your business transactions pass through the Cash account, which is so important that often bookkeepers actually use two journals -- Cash Receipts and Cash Disbursements -- to track the activity. What do your accounts receivable look like? Each transaction has two sides, one is a debit and the other a credit for the same amount. The accounting records should always balance. Many small businesses or sole traders use accountants or accounting systems to accurately record their bookkeeping. As a business owner you are required to keep and store accounting records for

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