by Loloy | Jul 15, 2024 | Bookkeeping
On the income statement, the cost of goods sold (COGS) line item is the first expense following revenue (i.e. the “top line”). The cost of goods sold (COGS) is an accounting term used to describe the direct expenses incurred by a company while attempting to generate...
by Loloy | Jul 9, 2024 | Bookkeeping
Discount and list price subject to change at any time at Intuit’s sole discretion. If you add or remove services, your subscription fees will be adjusted accordingly. Intuit may terminate these terms or the Revenue Share Program or modify the terms of the Revenue...
by Loloy | Aug 14, 2023 | Bookkeeping
When the merchandise is sold, the shipping charges are transferred with all other inventory costs to Cost of Goods Sold on the income statement. Freight-in refers to the shipping costs for which the buyer is responsible when receiving shipment from a seller, such...
by Loloy | May 30, 2023 | Bookkeeping
Your profit margin shows how much money you make from every dollar of your gross revenue. When you improve your profit margin, you actually make more money without needing to increase sales or gross revenue. Business owners, company management, and external...
by Loloy | Apr 21, 2023 | Bookkeeping
After individual amounts are posted to the cash budget, income statement, and balance sheet, the income statement is completed. The income tax liability is posted to the cash budget, and it is completed as described in step 2 above. Specific steps in posting amounts...
by Loloy | Jul 27, 2022 | Bookkeeping
Policies and procedures around payment and bill pay keep individuals from making errors while keeping the church above reproach. Our favorite AP Processor for churches is BILL (formerly bill.com). If one person approves payments and signs checks, your church...
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