Bank reconciliation accounting is performed by the accounts payable department. It’s a means of comparing bank statements against a company’s personal records to spot any discrepancies, mistakes, cash manipulations, or fraudulent charges. The cash account balance in an entity’s financial records may also require adjusting in some specific circumstances, if you find discrepancies with the… Continue reading How to Do a Bank Reconciliation: Step-By-Step Process

If the IRS audits your company and finds any underpayment of taxes, it will come to you, not your accountant, for any additional taxes, penalty, and interest. Record each transaction (billing customers, receiving cash from customers, how to calculate your restaurant’s inventory turnover rate paying vendors, etc.) daily or weekly, depending on volume. Although recording… Continue reading Accountant Job Description

If neither the child, nor the parent, nor any other child has qualified dividends, the amount of qualified dividends on line 8 is zero. If neither the child, nor the parent, nor any other child has net capital gain, the net capital gain on line 8 is zero. If the information needed from the parent’s… Continue reading Child tax credit: Everything you need to know for the 2023 tax year