By Linda Pinson
The foremost source for simple bookkeeping and enterprise list administration, preserving the Books is a complete, but right down to earth, therapy of 1 of crucial, but frequently overlooked, features of operating a business. ordinary and full of easy-to-understand illustrations, worksheets, and types, this well known monetary reference instrument is totally up to date, and replete with the diversity of IRS types that marketers need to be established with. From updating automobile and transportation charges to exploding the myths round self reliant contractors, the writer offers every little thing a small corporation must recognize to take care of right documents. Following the roadmap defined in holding the Books, marketers will the best way to: arrange and learn monetary statements to stick involved with the pulse in their businessSet up bookkeeping structures to maintain music of monetary detailsMaintain the necessary IRS documents essential to remain out of troublePlan for required taxes due
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Additional resources for Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business, Seventh Edition
Terms. , “Net 30/2% Net 10” means the invoice is due in 30 days, but a 2% discount will be allowed if payment is made in 10 days). • Date paid. Shows when the invoice was paid. • Amount paid. Shows whether the customer made a partial payment or paid the invoice in full. • Invoice balance. Tells what portion of the invoice is not paid. • Header information. The customer’s name, address, and phone number will tell you where to send statements and how to make contact. At the end of a predetermined billing period, each open account will be sent a statement showing its invoice number and amounts, balance due, and preferably age of balances (over 30, 60, and 90 days).
34 · Keeping the Books Common Kinds of Inventory • Merchandise or stock in trade • Raw materials • Work in process • Finished products • Supplies (that become a part of a product intended for sale) To arrive at a dollar amount for your inventory, you will need a method for identifying and a basis for valuing the items in your inventory. Inventory valuation must clearly show income and, for that reason, you must use this same inventory practice from year to year. Cost Identification Methods There are three methods that can be used identify items in inventory.
2. FIFO (first in, first out). This system assumes that the items you purchased or produced first are the first sold. This method most closely parallels the actual flow of inventory. Most merchants will attempt to sell their oldest inventory items first and hopefully will have the last items bought in current inventory. 3. LIFO (last in, first out). This method assumes that the items of inventory that you purchased or produced last are sold first. You must check tax rules to qualify before electing this method.
Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business, Seventh Edition by Linda Pinson