agustin sabdiel

Keeping track of taxable income is an important aspect of bookkeeping for independent contractors. This includes recording all clients’ income and any other taxable income sources. This information is critical for preparing tax returns and accurately reporting your taxable income. Business owners can create custom tags and categories to suit their bookkeeping needs so they …

Best Construction Accounting Software 2024 Read More »

You can stuff your receipts into one of our Magic Envelopes (prepaid postage within the US). Use our receipt tracker + receipt scanner app (iPhone, iPad, and Android) to snap a picture while on the go—auto-import receipts from Gmail. Detailed mileage reports can be generated to track and claim mileage deductions. Shoeboxed has a mileage …

How to Do Accounting for Your Construction Business 8 Steps Read More »

Therefore, in this article, whenever we refer to rectification of errors, we mean unintentional errors. A building is a fixed asset hence it should be entered in the building account. Therefore, we will have to rectify the sales account by debiting it and crediting the same amount to the building account. Now, your books reflect …

Adjusting vs Correcting Entries: Differences and Best Practices Read More »

The creation of journal entries is the mechanism through which accounting errors are formally corrected in the company’s books. These entries should be crafted with precision, ensuring that each debit and credit reflects the necessary adjustments to rectify the error. The entries must be dated accurately, often as of the date the original error occurred, …

Errors in Original Entry Effect on Accounts & Rectification Entry Read More »

A few states, including New Jersey and Pennsylvania, require employees to pay SUTA via payroll deduction. An employer-paid federal payroll tax which is used to help fund the unemployment insurance system. Also provides a fund that states can borrow from for unemployment benefits purposes. The federal, state, and local taxes an employee is legally required …

50 Payroll Terms Every Small Business Owner Should Know Read More »

An extra employer contribution to an employee’s retirement plan to fulfill annual matching requirements. Unlike employees, employers aren’t allowed to dictate how or when contractors complete their work. EFTPS stands for the Electronic Federal Tax what changes in working capital impact cash flow Payment System, which is a free system offered by the U.S. Updated …

Payroll Terminology Small Business Payroll Glossary Read More »