by Empower Xcend | Feb 12, 2025 | Bookkeeping
The physical nature of cash makes it ideal for immediate, low-value transactions. Unlike credit card or debit card payments, petty cash offers instant access, crucial in unforeseen circumstances. This liquid fund ensures business continuity for minor business...
by Empower Xcend | Dec 20, 2024 | Bookkeeping
Examples of transitory gains and losses are those that arise on the remeasurement of defined Record Keeping for Small Business benefit pension funds and revaluation surpluses on PPE. A third proposition is for the OCI to adopt a broad approach, by also including...
by Empower Xcend | Oct 1, 2024 | Bookkeeping
Report paid-in capital surplus or land, building, or equipment funds on line 30. Report retained earnings, endowment, accumulated income, or other funds on line 31. If the organization follows ASC 958, check the box above line 27, and complete lines 27 through 28, and...
by Empower Xcend | Jun 20, 2024 | Bookkeeping
The straight line depreciation method is the most commonly used method, where the value of an asset is reduced uniformly over each period until it reaches its salvage value. Salvage value is a crucial component in computing depreciation, as it represents the estimated...
by Empower Xcend | Mar 21, 2024 | Bookkeeping
Your nonprofit statement of activities is split into several different sections. Meanwhile, horizontally, it’s split into your organization’s unrestricted and restricted revenue. The cherry on top is that an accurate income statement can help your organization...
by Empower Xcend | Nov 20, 2023 | Bookkeeping
This approach helps stakeholders understand the earnings process and the real-time value generated from licensing agreements. Royalty accounting in the technology sector often revolves around the licensing of software, patents, and other intellectual property....
