Published on Apr 29, 2021 by

Bookkeeping 101 – Debits and Credits

If you need to balance your business’s books, understanding debits and credits is key. In very simple terms, debits decrease liability and increase assets and expense accounts, and credits do[...]

Published on Apr 28, 2021 by

Profit & Loss Statements

Understanding your profitability is absolutely vital if you are to make good business decisions. A profit & loss statement will help you to determine whether your revenue is greater than[...]

Published on Apr 28, 2021 by

Calculating Manufacturing Overhead Costs

Manufacturing overhead costs are all the indirect factory expenses associated with the manufacture of a product. Calculating manufacturing overhead involves adding together costs such as indirect materials, plant repair, indirect[...]

Published on Apr 28, 2021 by

What is an Invoice?

Put simply, an invoice is a way of listing products and services which a business has supplied to a customer. It itemizes those products and services, and their costs, and[...]

Published on Apr 27, 2021 by

How Much Money Can You Deposit Before it...

Yes! The government requires banks to report all cash deposits greater than $10,000. This and other guidelines relating to large cash transactions, which apply to all banks and financial institutions,[...]

Published on Apr 27, 2021 by

What are Retained Earnings and How are they...

The first step in calculating retained earnings is to subtract a business’s liabilities from its assets to determine stockholder equity. Next, on the balance sheet find the common stock line[...]

Published on Apr 27, 2021 by

Calculating Net Sales

Once you’ve accounted for all returns, sales discounts and allowances, what remains of your gross sales figure is your net sales. A business with gross sales of $50,000, discounts of[...]

Published on Apr 27, 2021 by

Gross Profit – What it is and How...

In accounting terms, when we talk about gross profit, we are referring to the income that a business has left over after paying all the direct costs related to manufacture[...]

Published on Apr 27, 2021 by

Understanding Net 30 on an Invoice

When written on an invoice, “net 30” simply means that the customer has 30 days from the date of the invoice in which to make payment. If, for example, “net[...]

Published on Apr 27, 2021 by

What is the Gross Margin Formula?

Gross profit is the money a business has remaining after it has paid off the direct costs of manufacturing a product or service. Calculating the gross profit margin is done[...]