by tim | Nov 24, 2022 | Bookkeeping
Every time we create bill, QuickBooks records a credit with the bill amount. Both debits and credits can be good; for example, when a customer pays a business $10 for a service, the business will debit cash (an asset account) by $10 and credit revenue by $10. In your...
by tim | Sep 2, 2021 | Bookkeeping
The first is that it fails to take into account the time value of money (TVM) and adjust the cash inflows accordingly. The TVM is the idea that the value of cash today will be worth more than in the future because of the present day’s earning potential. This...
by tim | May 19, 2021 | Bookkeeping
You cannot depreciate property that you dispose of during the same year in which you first placed it in service. The equipment needs a life expectancy substantially greater than the year you purchased it or began using it in your business. Items must be property that...
