You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided. But it’s in the 15th century that the roots of modern bookkeeping can be found. And fittingly, there are two entries in the history books for who documented the...Continue Reading

The given balance reflects the net amount available after credits and debits. In most businesses, two or three-column cash books (with a bank column) are used to record any transactions made through the bank account. When you do a bank reconciliation, you first find the bank transactions that are responsible for your books and your...Continue Reading

However, it can be complex to calculate, relies on estimates, and may lead to frequent adjustments due to market fluctuations. This helps businesses determine the net amount they can expect to receive from selling an asset after accounting for any additional costs involved in the sale. Therefore, any time you incur a cost or receive...Continue Reading

In the past, the general rule was that nonprofits should put at least 65% of their funding toward program expenses and spend no more than 35% on overhead. However, it’s now commonly accepted that the exact breakdown will look different for every organization. For instance, quarterly reviews of financial statements provide opportunities to assess trends...Continue Reading