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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Okay to cancel "Loans to Shareholders" against "Retained Earnings"?
Let's say there's an S Corporation with a single shareholder, a $200 balance in "Loans to Shareholders", and a $300 balance in Retained Earnings. Is it okay to cancel the shareholder's debt by ...
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How do I bookkeep an Ecommerce website?
I have a multi vendor e-commerce website where I sell goods from 3rd party vendors. When an item is sold on my website, the money is stored in my bank account. Monthly, I transfer money earned to the ...
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Which software is suitable to track my investment portolio [closed]
Nowadays I am using google spreadsheet to track my portfolio. Is there some better software for this? Another problem is that some parts of my portfolio are highly volatile (but I want to keep those ...
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How do I set up the books for LLC taxed as a C-Corp?
Most resources online for bookeeping for LLCs immediately repeat a myth about C-Corp taxation subjecting you to double-taxation, declare that nobody would set up their single-member LLC as anything ...
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Recording rental deposit return minus cleaning fees
This is a question about Double-Entry Bookkeeping. I am having a hard time correctly recording the fact that due to shared cleaning fees I owe the subleasee less than the deposit he gave me.
These ...
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How do I properly account for interest charged on a loan in GnuCash?
I've just started accounting and entering initial balances for my personal finances with GNUcash and I'm curious about the proper way to account for interest charged on student loans and credit cards.
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How to interpret equity
I understand Equity to be "Net Worth", as calculated by Assets - Liabilities. I also understand the "Expanded Fundamental Accounting Equation" to be
Assets + Expenses = Liabilities + Equity + Income
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Handling waitress unclaimed pay from three years ago
Each week our boss gives us payslips with our hours worked and we can cash them right at the place of work. Pretty simple. You get a receipt for your hours worked for the week and a slip to turn into ...
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How to keep track of revenue and expenses of a small business that I rarely visit?
I'm a programmer looking to invest some money into opening a very very small restaurant which will be run by my friend (who's a professional restaurant manager) with occasional help from family ...
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How to account for transferring money from a USD account to a GBP account?
I am using ZipBooks online software for my bookkeeping, however I do not know how to approach the following situation.
I have 2 bank accounts; one in USD, the other in GBP, and I am transferring $...
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In double-entry book keeping, how should I track planned expenses
So, I'm working on getting a bit better at managing my household finances and am currently working to learn double-entry bookkeeping.
One thing I need to separate out and track a little better is ...
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Accrual accounting: how to implement prepaid tax
I am trying to put my personal finances in order and I figured that accrual accounting fits my needs for keeping a better track of my records. I am new to accrual accounting and while I think that I ...
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Xero - How to reconcile a transaction when the period has been locked
I use Xero for my consultancy company's book-keeping. My accounts from a couple of months ago are locked (due to submitting a VAT (UK sales tax) return). I have an unreconciled bank transaction within ...
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How to account for transactions which may have multiple causes?
Say I have a transaction from my bank in a foreign currency (say a taxi) which causes me to incur a "foreign currency transaction fee" (e.g. 2% of the transaction).
One way to look at this cost is ...
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How to get visibility into contributions to assets
I'm using double entry with Assets, Expenses, Income, Liabilities, and Equity.
To illustrate my question with easy round numbers: Income one month is 10k; 5k goes into an asset like a 401k account (...
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