Closing Entry Definition, Explanation, and Examples

All revenue and expense accounts must end with a zero balance because they are reported in defined periods and are not carried over into the future. For example, $100 in revenue this year does not count as $100 of revenue for next year, even if the company retained the funds for use in the next […]

Closing Entry Definition, Explanation, and Examples

All revenue and expense accounts must end with a zero balance because they are reported in defined periods and are not carried over into the future. For example, $100 in revenue this year does not count as $100 of revenue for next year, even if the company retained the funds for use in the next […]

Professional Bookkeeping Services

They went through my entire supply chain costs, my monthly operational expenses, and COGS and got me the correct costing of my goods and the cost of running the business. Now I know how much I need to sell & at what price I should sell it to be profitable. If our initial assessment finds […]

Imputed Interest: What is is, How to Calculate, FAQs

If you have only a few sales to separately report, use a separate Form 6252 for each one. However, if you have to separately report the sale of multiple assets that you sold together, prepare only one Form 6252 and attach a schedule with all the required information for each asset. If you sell two […]

Small Business Accounting Services: LYFE Accounting

We will set up a meeting to talk about your business objectives and bookkeeping requirements in detail. We will better grasp your individual needs and provide more precise assistance. Our diligent method ensures that your financial records are accurate and up to industry standards. When you have Outbooks USA handle your company’s bookkeeping, you can […]