This guide covers essential aspects such as tracking project expenses, managing cash flow, complying with tax regulations, and generating financial reports. Each of these elements contributes significantly to the overall success and longevity of construction businesses. By following this guide, you can empower your construction enterprise with sound bookkeeping practices for a prosperous future. CrewCost […]
Category Archives: Bookkeeping
We would say, okay we received cash from this customer and he no longer owes us this money. So, we would have made this entry sometime in the past when we received the check and now we’re looking at the bank statement and they said, hey, that check bounced. We didn’t get that money from […]
For example, if a buyer receives damaged items, they may return them, prompting the seller to issue a debit note to confirm the return and adjust the owed amount. Credit notes are typically issued for several reasons, including refunds for returned goods, corrections of invoicing mistakes, or adjustments for damaged or undelivered items. For example, […]
EFT payments are usually super easy to make — and require little effort to receive. The ATM terminal will initiate the transfer from your account, and inform your bank you’ve taken the cash. Once a payment is initiated, messages are passed on through digital routes to move money from one electronic funds transfer account to […]
The sales discounts contra revenue account records the discounts given to customers on sales made to them, normally a cash or settlement discount. The account is normally a debit balance and in use is offset against the revenue account which is normally a credit balance. Consequently the net balance of the two accounts shows the […]
However, this component of your cash flow statement is important for any business, even one that isn’t publicly traded. Investors and creditors can approximate the timing of repayments of long-term debt obligations. This is because the CFF can measure a company’s ability to generate cash from its financing activities. How can CFF influence my funding […]
If revenue is improperly recognized, it will report higher profits than actual. Another unearned revenue example would be using a service, like web hosting services. If you pay for an annual subscription to a web-hosting plan, you’re only using the service a month at a time. It’s important to track and monitor this data over […]