Category: Bookkeeping

Under ASC 842, prepaid rent is now included in the ROU asset instead of being accounted for in a separate Balance Sheet account. If the lessee’s organization decides to make a payment before it’s due, there may continue to be an outstanding balance in the clearing account until the lease accounting entries catch up. Oftentimes, […]

You should seek the advice of a competent attorney or accountant licensed to practice in your jurisdiction for advice on your particular situation. There should also be strict controls in place that prevent anyone from being able to access or edit this data to limit any mistakes. If you see anything that may be amiss, […]

So in the real world, consumption taxes end up being more regressive than income taxes, although Len and I or anyone else could design a consumption tax on paper that wasn’t like that. But that’s also the same reason why people think it’s so unfair, you can’t get out of it, and it’s basically changing […]

Every job site needs to be tracked in terms of equipment and varying labor wage rates. While bookkeeping in the construction industry can be challenging due to its many considerations, it’s an essential part of successfully running a construction firm. Financial misstatements and expensive errors can result from manual bookkeeping’s susceptibility to errors. Accurate financial […]