The income summary account is also known as the temporary income statement account. Temporary accounts are those that are closed at the end of an accounting cycle. If you are using accounting software, the transfer of account balances to the income summary account is handled automatically whenever you elect to…
When you join and become Xero-certified, you get a Xero subscription for your practice, plus access to Xero HQ for managing clients. Join over 250,000 accountants and bookkeepers using Xero in their practice. Get the tools and benefits to help you advise with confidence. Together we’ll help you guide clients…
If your spouse is a nonresident alien, you can treat your spouse as a resident alien for tax purposes. If you choose this option, you can file a joint tax return with your spouse and have an increased Standard Deduction. You increase your Standard Deduction, but all your spouse’s worldwide…
Further, you would not likely have any penalty or interest for late filing since these are a percentage of the amount due. However, you won’t get that money back until you file, and some tax elections must be made by the original due date, even if you are getting a…
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Data analysis plays a vital role in shaping financial decision-making processes. By applying statistical models and predictive analytics, accountants can anticipate trends from historical financial data, offering valuable insights into future financial scenarios. This forward-looking approach helps organizations make informed decisions, steering them away from potential pitfalls and towards opportunities…
New deals come online by the day, though the site has lots of products in its inventory and old deals seem to stick around for a while. Groupon offers coupons for everything from home goods and groceries to activities to vacation packages and big-ticket electronics. The top shopping sites on…
They may also be issued to rectify an issue or error with an invoice that has already been paid. A credit memo is an official document issued by the seller to the buyer, acknowledging that a given amount has been credited to that buyer’s account. A Credit note is a…
Up-to-date financials for your trucking company make it easier to build the strategy. We can help you find a fractional CFO with experience in all the nuances of the trucking industry to best plan for the future. The right accounting software support shaves time off repeatable Coffee Shop Accounting tasks…
If your firm is bigger than just you, a virtual practice also gives you flexibility with your team. You can incorporate employees and contractors from anywhere in the world and fold them seamlessly into your practice. Working in various industries can give you a broader understanding of different financial systems…