This is because it has an obligation to the customer in the form of the products or services owed. The payment is considered a liability to the company because there is still the possibility that the good or service may not be delivered, or the buyer might cancel the order. In either case, the company would need to repay the reconciliation definition customer, […]

While there are a myriad of courses available for bookkeeper education and training, a good deal of bookkeepers are self-taught since there are no required certifications needed to work as one. The skills needed to become a successful bookkeeper are often acquired through working in a career in the finance industry or even by balancing […]

If you work for yourself, you need to pay the self-employment tax, which is equal to both the employee and employer portions of the FICA taxes (15.3% total). Luckily, when you file your taxes, there is a deduction that allows you to deduct the half of the FICA taxes that your employer would typically pay. […]

In other words, it will be calculated on the list price and then deducted from the same. Eventually, the remaining amount becomes the sale price or the invoice price for the items. The records will be kept on the basis of this final amount only. 10 vehicles were purchased by Unreal Pvt Ltd with a […]