Questions tagged [bookkeeping]
Bookkeeping is the process of recording business data in a prescribed format. It often forms the first step in the accounting procedures of a company.
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Why do we still need double-entry bookkeeping in the age of computers?
I recently learned a bit about double-entry bookkeeping and although I believe I understood the how I didn't really understand the why. At first it seems to me that splitting each account into debit ...
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VAT Treatment of Foreign Expenses without Invoice
My client operates a company based in the UAE and maintains several bank accounts, including one in the USA. The US bank levies various fees, such as transfer fees and monthly fees, which are ...
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Credit Expenses when someone contribute to my expenses. Is it right to do that?
I rent out my flat. The renter pays rent plus certain amount of money to cover some part of common charges.
I receive the sum of rent and provisions for common charges in my bank.
I split the amount ...
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What double-entry bookkeeping and account structure lets me report taxable distributions from retirement savings plan (e.g. RRSP)?
I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The ...
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A client paid a non-business debt into my business bank account. How to handle in Xero?
I purchased some groceries for my neighbour, and he reimbursed me by depositing funds into my business bank account (I have done some work for him occasionally), which automatically fed through to ...
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Liability account for inventories sold but pending delivery [closed]
Forgive me if this is a stupidly basic question. I'm not a trained accountant, just a software developer. So the question is -
Is there a standard (or de facto standard) way for recording pending ...
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How should I deal with how the bank/VISA/companies deal with "flexible" charges?
After my bank made it impossible to auto-fetch any data, requiring an extremely tedious and manual process each time I need to log in to their website, I was forced to give up my "automated ...
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How do I record Purchased Annual Leave?
My employer has an arrangement where one can "purchase" annual leave. This works by giving you say 40 hours of additional annual leave to take whenever you like, and then over the course of ...
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Double entry bookkeeping - Record incoming money which I would hold temporarily as a custodian
My dad's clients often transfer payments, which they owe to my dad, into my bank account [for technical reasons, some payment types into my account are not currently available in my dad's]. After a ...
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Personnel costs recorded twice in the income statement? [closed]
We are talking about a company that produces its own products. Since the manufacturing costs also include part of the personnel costs, the personnel costs are recorded twice in the income statement. ...
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How to balance out trading between different currencies and dividends on a ledger?
TL;DR: I'm wondering how should I balance out values when dealing with multiple currencies being traded over time along with normal expenses that might occur along the way, as well as transactions ...
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How does a balance sheet look when almost all income is immediately drawn?
I have a small business and I am being asked to produce a balance sheet. I have a very simple business model: I do hourly work and get paid on a 1099 basis. It is an LLC but I treat it kind of ...
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What are the debits and credits in double-entry bookkeeping when someone pays in advance for a meal?
I'm doing some volunteer bookkeeping for a small nonprofit. If we have an upcoming event and people pay in advance for a meal, how do I enter that in a general ledger (updating Quickbooks for last ...
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Is there a standard for the "transaction type"?
After designing and using my personal bookkeeping system for quite some time, I realized that it lacks one column: what "type" of transaction it is.
I have made it a smallint called type ...
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Depreciating vs expensing purchases to track net worth and personal expenses
Which purchases should you depreciate and which ones should you expense in the context of personal bookkeeping (and not for tax purposes)?
My personal goal for bookkeeping is mainly keeping track of ...
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