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Debits and Credits: Additional Explanation

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Large projects like building infrastructure, research and development, and marketing can take a large percentage of a company’s resources. At the beginning of the year, ABC Corporation’s Retained Earnings account had a balance of $50,000 (credit). Similarly, the iPhone maker, whose fiscal year ends in September, had an accumulated deficit of $214 million at the […]
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Bookkeeping

How Much Do Bookkeeping & Accounting Services for Nonprofits Cost?

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Different states have different filing and informational registration requirements, so stay up-to-date on changes to your state’s regulations for nonprofit reporting. A nonprofit’s Statement of Activities is a report generated in place of an Income Statement, which a for-profit business would be required to file. The Statement of Activities shows changes in the value of […]
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Bookkeeping

Double Declining Balance: Mastering Accelerated Depreciation Techniques

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If the asset for which you are calculating depreciation contains an averaging convention, LN adjusts the depreciation expense for the first half year, quarter, or month calculation. Parkside School buys 60 graphing calculators at a total cost of $4,800. It’s crucial that any chosen depreciation approach not only aligns with your business’s financial tactics but […]
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Bookkeeping

Double Declining Balance Method DDB Formula + Calculator

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This method results in accelerated depreciation and higher depreciation values in the early years of the life of an asset. Firstly, the DDB method influences the income statement by spreading the depreciation expense over the asset’s useful life. During the early years, depreciation expenses are higher, which reduces the net income reported. As depreciation expenses […]
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Bookkeeping

The Essential Guide to Nonprofit Accounting SBHQ

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Payroll services start at $20 per month and bookkeeping support starts at $149 per month. To process a transaction via credit card, you must pay a fee of at least 2.9% plus $0.60 per transaction. Nonprofits are exempt from income tax on donations and much of their earned revenue. Join the fundraising movement! So you’re […]
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