Category: Bookkeeping

Daniel Teran, CPA, is an accounting firm with an extensive range of services for individuals and businesses in Santa Ana and the surrounding areas. The firm’s expertise includes basic tax management, accounting, auditing, and financial planning. Daniel Teran and his team also guide clients in tax preparation and planning, IRS representation, financial statements, and payroll. […]

Many not-for-profit entities receive donations for which the donor has placed a stipulation that they must be used for long-term purposes, such as the purchase of property and equipment or for endowment funds. These cash receipts are to be reported as financing activities in the statement of cash flows. Some not-for-profit entities have endowment funds, […]

If you find that the deposit was posted straight to Income in the bank feed, un-reconcile the transaction, undo the entry and then match the transaction properly. When the deposit clears the bank, you will be able to match the deposit in your bank feed. If you don’t use the bank feed function in QuickBooks […]

By ensuring that the older inventory is sold first, FIFO helps to avoid having too many products sitting in inventory that could eventually become obsolete or decrease in value. There are also other benefits of using FIFO which we’ll discuss in this article. Inventory costs are reported either on the balance sheet or are transferred […]

These figures can also be computed by comparing the net gain or reduction in the various asset and liability accounts’ beginning and ending balances. Financing cash changes are considered “cash-in” when capital is raised and “cash-out” when any dividends are paid. This information allows businesses to forecast future cash needs, make informed investment decisions, and […]