Every business account must show the true digits; this can be achieved when they are reconciled properly. The business owner should ask the bookkeeper to undertake the account reconciliation process…

Reconciliation is a fundamental accounting process of matching and balancing two sets of records. This would mean that the money leaving the account is matching the money spent. This is…

What Is Federal Income Tax? To understand the meaning of the term Federal Income Tax, it is important to bifurcate it into the two important terms that make it. Doing…

Everyone wants to make sure that they have a comfortable retirement. And for this every individual needs to make some nondeductible contributions. These contributions should be made to an Individual…

Accounting has been around for just about as long as humans have engaged in trade and commerce. No matter what kind of business you have, you should have a system…

Accounting is an important part of an organization; a business has to manage the accounting aspect of it so that there are always accurate financial records. With the new trends…

Bank Reconciliation and Credit Card statements do not although guarantee your financial statements are 100% correct, it does eventually get you a lot closer! For instance, Record-Keeping all deposits as…

Source documents are your original financial records, which are mainly gross receipts, purchases, expenses, assets, employment taxes, packing slips, canceled checks, and employee time cards. Their foremost aim is to…