Bookkeeping

Purchases Returns & Allowances Journal Format & Calculation

admin2025-02-12T23:04:16+01:00

Under the periodic inventory system, we simply record it to the purchase returns and allowances account which is the contra purchases account. Purchase Returns and Allowances refers to the process of returning or receiving a credit for goods or services that were previously purchased by a company. This is a common accounting practice that allows businesses to adjust their financial records for any unsatisfactory purchases or discounts received. However, the purchase returns account will get replaced with the allowance account....

januari 30, 2025adminBookkeeping0 Comments

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Comprehensive Guide to Oil and Gas Accounting Practices

admin2025-01-15T09:42:58+01:00

When people sign on with us, they immediately get access to the right tools for their company. You no longer need to experiment to determine what works for your bookkeeping or test our various programs for tax planning. Because we are a high-level tax and accounting firm, we have access to the  latest software and tools. Sharing energy and resources news, research, events, and more Oil and gas companies need to adhere to specific regulatory and tax reporting requirements, and virtual...

januari 10, 2023adminBookkeeping0 Comments

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Manufacturing cost accounting definition

admin2024-05-02T00:42:29+02:00

Here are brief explanations of some fundamental terms you’ll need to know to succeed. This approach is primarily beneficial for manufacturers who produce a relatively low number of unique products. For example, a manufacturer of made-to-order furniture would likely employ job costing. The last-in-first-out (LIFO) inventory valuation method is the opposite of the FIFO approach. Fortunately, you don’t necessarily have to hire an accountant full-time for your manufacturing business at first. Optimizing manufacturing accounting is the key to unlocking...

augustus 29, 2022adminBookkeeping0 Comments

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Sample Payroll Calendar: Weekly, Biweekly, Bimonthly & Monthly

admin2025-02-07T18:30:37+01:00

Playroll’s Global Payroll solution helps businesses consolidate and manage their payroll reporting and operations. Chat to one of our experts to learn how we can help make global payroll simple for your team. Payroll systems need to ensure they correctly track weekly hours worked to avoid payroll errors over time. As explained above, the most significant difference between the two is in the number of payment cycles- constant for bi-monthly and variable in case of biweekly. Playroll ticks the boxes...

november 15, 2021adminBookkeeping0 Comments

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Gross vs Net Income: How To Calculate and Why It Matters for Business

admin2025-01-17T22:07:22+01:00

If, for example, you earn a gross salary of $52,000 a year, and your company pays you on a weekly basis, your gross income is $1,000 a week. Discounts also play a role—gross price includes the base amount, while net price reflects what you actually pay after promotions or fees. It influences pricing strategies, as understanding customer profitability requires analyzing net figures. Whether it’s your salary, revenue, or even weight, knowing the difference between net and gross is more than...

juni 30, 2020adminBookkeeping0 Comments

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