In this sense, the expense is accrued or shown as a liability in December until it is paid. When expenses are prepaid, a debit asset account is created together with the cash payment. The adjusting entry is made when the goods or services are actually consumed, which recognizes the expense and the consumption of the […]

If you have recurring purchases or need payments to go out on a certain date, the system can be set up to accommodate you. The advantages we’ve mentioned above can make a lot of difference in your accounting department and overall financial performance. All it takes is a reputable external provider that can give you […]

Businesses that need an integrated business ecosystem will have a hard time finding a more robust business suite. Xero is an affordable cloud-based accounting software system that is highly rated among small businesses. Its simple solution for tracking income and expenses makes it easy to use for those without accounting skills. Most cloud platforms will […]

This reality becomes more relevant when two individuals combine their incomes, especially when each earns similar incomes. The problem of the marriage penalty is not attributable to the Biden bill. No taxpayer should face higher taxes solely because he or she marries another taxpayer. The U.S. is one of only a handful of developed countries […]