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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Double-entry bookkeeping: How to account for non-monetary taxable benefits received from employer?
I'm trying to keep detailed books for my personal finances. One thing I haven't figured out how to represent is various non-monetary taxable benefits that I get at work. For example, a gift or a meal.
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What would be the appropriate account for written off loans to friends and family?
In the past I have lent some money to friends and family, which I have not gotten back. I don't want to ask them for the cash, but I do want to clean up my accounts.
How would I record this in my ...
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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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Help in understanding a basic accounting principle
'An entry which increases an asset account is called a debit.'
So if my bank account is my asset account, when I debit money, money actually goes out so it is a 'decrease'. But the above statement ...
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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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In double entry book-keeping, how should I record writing of a check?
Say I write a check (in British English, a cheque) to pay money to some supplier out of my business's current account. I post the check.
As far as I'm concerned, the company has spent that money and ...
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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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Am I correctly categorizing things wr/t the rules of double entry accounting?
I'm trying to bring some organization to my personal finances. I'm looking at tools like GnuCash, but I'd like to really understand how they work, and after reading bits and pieces about double entry ...
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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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