If you get a plain envelope or something suspicious-looking, it’s probably a fake IRS letter. Payments are only made on the official IRS channels, including the IRS website and authorized payment vendors. Real IRS notices contain a notice number (CP) or letter number (LTR) on the page’s top or bottom right corner. You can search […]
With the approval of the CBA by both negotiating parties, the employees’ labor union authenticates the document. Conversely, the necessity for a fresh CBA might emerge when employers and employees concur on a proposed change in working conditions. This need often stems from disagreements between employees and managers regarding wage rates, work hours, severance pay, […]
You compare these against your total assets to find what percentage of your assets will be used to pay those debts. They’re like financial band-aids—useful in the short term but not a long-term fix. Be mindful of interest rates; they can be higher than long-term loans. Types of Financial Liabilities: Liability accounts reflect what you […]
When establishing the fund, you debit petty cash and credit your cash account. During replenishment, you debit the relevant expense accounts (e.g., https://www.bookstime.com/ office supplies, postage, etc.) and credit petty cash to bring the fund back to its original amount. Each transaction must be documented with petty cash receipts and recorded in a log or […]
Kruze’s team of professional bookkeepers will work with you to find the financial delivery date that meets your needs. Accounts payable (AP) is the money your business owes to its vendors for providing goods or services to you on credit. Different vendors have different payment terms, so you should use this to your advantage. Immediately […]
In the realm of accounting, the concept of an allowance for doubtful accounts is pivotal, serving as a prudent measure to anticipate and mitigate the impact of bad debt. Overall, effective internal controls for allowance for doubtful accounts estimation are critical to ensure that a company’s financial statements are accurate and reliable. From a financial […]