Bookkeeping

7 Ways to Work Around Bank of America’s No-Cash Deposits Policy

Gone are the days when you would have to wait in a long line at the bank to send a money order or even do basic transactions. From a bank’s standpoint, prohibiting cash deposits can help prevent money laundering and fraud. Although fewer and fewer banks accept cash deposits into another person’s account, many still …

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Bookkeeper Job Description, Skills, Experience and Education

Let us know what type of degree you’re looking into, and we’ll find a list of the best programs to get you there. Candidates must take a four-part multiple-choice test and agree to follow a code of conduct. Explore programs of your interests with the high-quality standards and flexibility you need to take your career …

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Retained Earnings Formula + Calculator

Essentially, they are the cumulative profits that have been ‘retained’ within the business over time. This financial metric provides insight into a company’s profitability, and more importantly, its financial health. As a business owner, understanding how to calculate retained earnings on your company’s balance sheet is invaluable. What are retained earnings, and how are they …

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Calculate Project Burn Rate in Excel: A Step-by-Step Guide

Suppose you’re managing a small tech startup and want to keep an eye on your burn rate. This function can help you prepare for future spending and revenue scenarios, ensuring you’re not caught off guard by unexpected financial challenges. Now that we know why burn rate is crucial, let’s get into the nitty-gritty of setting …

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Accounting Basics: Assets, Liabilities, Equity, Revenue, and Expenses

The product of these two columns results in projected total revenues in column three. In a perfect competition, marginal revenue is most often equal to average revenue. This is because collective market forces make each participant a price-taker. Is a Drawing Account an Asset? Current liabilities are usually paid with current assets; i.e. the money …

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Whats the Undeposited Funds account?

Verify that there are no outstanding payments that need to be linked to customer deposits or invoices. This integration of financial technology allows businesses to streamline their data management, automate reconciliation processes, and gain insights into their cash flow with up-to-date information. By eliminating the need for manual data entry, QuickBooks bank feeds significantly reduce …

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