Tracking Interest Payments

Interest payments are made by Accounts Payable. It is one of the most complicated types of payments to record. The complication arises when calculating the interest expenses. When calculating loan repayment, the payment allocated to the principal portion to pay …

Long-Term Assets Accounts & Depreciation

The first category of accounts on the balance sheet is the company’s assets. Cash accounts and inventory are listed as current assets. Next, long-term assets are accounted for. These are things owned that are not easily used for immediate needs. …

Long-Term Assets Accounts & Depreciation

The first category of accounts on the balance sheet is the company’s assets. Cash accounts and inventory are listed as current assets. Next, long-term assets are accounted for. These are things owned that are not easily used for immediate needs. …

Recording Equities

Recording equities is a necessary part of keeping track of the financial progress of the business. The equities account is part of the general ledger. Equities accounts reflect the net worth of the company. If the business is a corporation, …

It's Tax Time: The Forms You Need to Know

It’s nearing tax time and the accounting department is buzzing. This is where your consistent record keeping really pays off. You will be busy handing out tax forms to employees and independent contractors. You will also file a tax return …

It’s Tax Time: The Forms You Need to Know

It’s nearing tax time and the accounting department is buzzing. This is where your consistent record keeping really pays off. You will be busy handing out tax forms to employees and independent contractors. You will also file a tax return …

Hiring New Employees: Filing Government Forms

All businesses that hire staff must have an Employer Identification Number (EIN). You must have this number in place before hiring. The IRS uses it to track your company’s employees. Government Forms to File: W-4 or Employee’s Withholding Allowance Certificate …

Sales Tax Reporting

Every city, county and state has different tax rules. It is recommended to take time to research the specifics of sales tax reporting in your state. Sales tax usually only applies when you are selling a tangible good or product. …

Depreciation of Assets

Depreciation is the expenditure of the serviceability of a particular asset through the combined end product of wear and tear, aging utilization, and obsolescence.  Some of these factors tend to cause the asset to deteriorate physically and others refer to …