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What Is The LIFO Method? Definition & Examples

In these circumstances, to reduce the First In First Out value of inventory to the Last In First Out value, the Last In First Out  reserve needs to be a credit entry. This credit balance is then offset against the FIFO inventory valuation resulting in a net balance representing the LIFO valuation. Consequently the Last In …

What is the difference between Rent Receivable and Rent Payable?

On January 1st, 2022, XYZ Co. will record the first aspect of the accounting treatment i.e. when advance payment is made to increase the expense account and decrease the asset account as discussed earlier. The accounting treatment for prepaid rent can be understood from two perspectives. From an accounting perspective, rent can be defined as …

Odoo Development Tutorial Odoo Tutorials

For Odoo 13 and later, the developer mode is enabled on the Settings | General Settings page. As shown in the figure below, near the bottom of the page you will find the Developer Tools section with the Activate the developer mode link. Using either a self-hosted instance of Odoo or an Odoo Online instance at odoo.com, we’ll begin digging into the to-do list project …

How to Quickly & Effectively Read an Annual Report

The list below is by no means comprehensive and just an example to showcase a few of the footnotes you might expect to see. Depending on the company and industry, the financial statements can include some very niche explanatory footnotes. The calculations are disclosures to the line items reported on the financial statements that are …

Уровни поддержки и сопротивления основа трейдинга

Уровни поддержки и сопротивления могут образовывать горизонтальные ценовые каналы. В этом случае можно работать в рамках такого обучения, и это может принести трейдеру хорошие результаты в будущем. Это классический вариант торговли с использованием уровней. Идея состоит в том, что цена отскочит от немедленной поддержки по тренду. Очевидно, что первый из этих методов основан на предположении, …

Top 11 Benefits of Accounts Receivable Automation

Finance and accounting expertise is not only needed to prevent ERP transformation failures, but F&A leaders are poised to help drive project plans and outcomes. ESG is an opportunity for F&A teams to have a direct impact on how their organizations interact with the communities around them and how they deliver value to their stakeholders. …

‎1-800Accountant Old on the App Store

All and all I stayed with them until today when my taxes were filed as I had already wasted enough money on them. Missed over $2000 in deductions and had I not had and independent account review their filings my tax burden would have been an additional $4000 out of pocket!! Very disappointed and would …

A Complete Guide to Filing Taxes as a Photographer

By doing so, your books and your bank account statements should line up more evenly. Revenue or income is the amount of money you earn from engaging in normal business. When you offer a billable service like photography, this money comes in when your clients receive their invoices and make payments. This could impact the …

Reconciliation in Accounting: Definition, Purposes, and Types

The easiest way to ensure it is correct is by looking at the trial balance or account transaction statement. A reconciled transaction is an accounting transaction verified and matched to the bank statement. Once the transaction is matched, it will show as reconciled in the accounting What is QuickBooks, and how does it work? records. …