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Accounting Savvy for Business Owners: A Guide to the Bare by Philip B. Goodman CPA

By Philip B. Goodman CPA

Addressing a standard challenge for small-business vendors, this obtainable guide is the main to knowing the bits and bobs of accounting. Demonstrating the way to properly hold documents and observe bookkeeping principles, this advisor demonstrates tips on how to maintain song of all monetary concerns and video display the final well-being of any enterprise. warding off complicated and burdensome accounting jargon, this transparent and concise review interprets the necessities into functional enterprise language, answering the main commonly asked questions provided to accountants via small-business proprietors this present day. issues lined comprise accounting components such as revenues, costs, resources, liabilities, and proprietors' gains.

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Additional info for Accounting Savvy for Business Owners: A Guide to the Bare Essentials

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Some states tax almost everything, including services. Some states eliminate some goods from taxation (usually necessities), and other states eliminate many services from taxation. Sales Tax Rate You have to note the sales tax rates for each customer. Depending on where you do business, the effort involved in determining a customer’s sales tax rate ranges from mildly confusing to totally baffling. You need to make sure you understand your state’s sales tax rules. Most states have adopted a series of confusing and convoluted rules about the tax rate applied to taxable transactions.

All transactions have to be “balanced”, which means that whatever amount you’re dealing with has two sides: a debit side and a credit side. The total amount of one side must equal the total amount of the other side. Of course, that means that a minimum of two accounts in your general ledger are involved in every transaction. g. payroll taxes or sales tax), or any of numerous other things that occur as you conduct business. Specific instructions for creating and managing all these types of transactions are found throughout this book.

Managing Customer Refunds Refunds are easy to manage because the refund process is usually a straightforward accounting transaction. Here’s what happens: 1. Cash is credited (reduced) and posted to the appropriate cash account. 2. Sales are debited (reduced) and posted to the appropriate income account. The appropriate cash account depends on the way you deliver the refund: • If you write a check, and post it to the appropriate income account, the transaction journal posts a debit to income and a credit to the bank account.

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