Bookkeeping 101

OTB = On The Books; BOB = Business On Books. The most common acronyms, both used interchangeably, for reservations and overnight stays already booked. You should find this information in your Property Management System (PMS)….

Knowing what sales tax you’re required to pay and how much to collect is confusing. Find an accounting software that makes it easy to account for sales tax….

The balance sheet is a report version of the accounting equation that is balance sheet equation where the total of assets always is equal to the total of liabilities plus shareholder’s capital. Assets = Liability + Capital….

On January 5, 2019, purchases equipment on account for $3,500, payment due within the month. The titles of the credit accounts will be indented below the debit accounts. An account’s balance is the amount of money in that account at a particular poin…

Bookkeeping and accounting are both great career paths for people who are interested in working with math and numbers. Bookkeepers and accountants both provide financial support and often work together. This said, there are a few key differences betw…

Existing to benefit society as a whole or particular groups in it , they are by definition not for profit. The appropriate measure of their performance is the level of benefits achieved, not revenues….

There is room for advancement and the company is growing very rapidly. We ended up finding a local CPA who we’ve been with ever since – no yearly fee, no monthly fee, no hourly fee. He charges a flat fee for tax prep and no fee for any questions that…

A career in this field may require you to meet certain licensing, training, and other requirements that can vary by vocation and state. You should check with your state, local government, and/or licensing board to find out which requirements may be a…

What level of bank reserves would be needed for the Fed to continue to implement monetary policy by current methods? In December 2008, when the federal funds rate first fell to zero and the Fed began to use the interest rate on bank reserves as a too…

How it works: You divide the cost of an asset, minus its salvage value, over its useful life. That determines how much depreciation you deduct each year. Example: Your party business buys a bouncy castle for $10,000….