Bookkeeping

How to Use Reversing Entries in Your Business Accounting

admin2023-12-12T13:40:50-03:00

Having a rent income account with a debit balance may seem odd at first, considering that income accounts normally have credit balances, but this would make sense once you’ve made the entry to collect the rent. It should be noted that whichever method is used, the financial statements for each month will be the same. In each case at the end of month 2, the balance on the wages expense account is 2,500, and the balance on the wages payable...

The 10 Best Bookkeepers in Las Vegas, NV with Free Estimates

admin2023-12-07T10:52:45-03:00

Firstly, accuracy reigns supreme as our experts meticulously compare internal financial records with external statements, uncovering any discrepancies that might have otherwise gone unnoticed. This precision ensures that financial data is reliable, leading to accurate financial reporting and informed decision-making. Moreover, the process safeguards against errors and fraud, contributing to better financial transparency and accountability. Regularly updated financial records help owners and managers assess profitability, identify areas for cost savings, and make strategic decisions to achieve growth. Our meticulous bookkeeping services...

2024 State Tax Changes, Effective January 1st

admin2023-12-27T12:01:41-03:00

That session yielded SB23B-001, which reduces the assessment on residential property from 6.765 percent to 6.7 percent and increases the exemption on a home’s value from $15,000 to $55,000. The legislation continues to require the state to backfill lost revenue to local governments resulting from property tax relief. One reason is that Oregon’s revenue streams are particularly hard to peg. Voters have repeatedly shot down proposals for a comparably stable sales tax, and the state’s general fund is more reliant...