Opening Entry In Accounting

When setting up a new bank account in QuickBooks, users will be prompted to enter the opening balance. QuickBooks will automatically create an entry in the Opening Balance Equity account to balance the books. Remember that the Balance Sheet doesn’t necessarily represent the wellness of your business, rather it proves that every balance has an origin…

What Are Plant Assets? The Motley Fool

Even if a company does not operate on-site or own property, many businesses profit from purchasing land, even if they do not intend to use it until later. Buildings that can be used as a plant asset aren’t limited to offices. Buildings can also contain equipment storage, warehouses for merchandising and sales, or on-site centers…

Does shipping count as business income

Gross sales measures a company’s total sales without adjusting for the expenses of generating those sales. The gross sales formula is calculated by totaling all sale invoices or related revenue transactions. However, gross sales do not include operating expenses, tax expenses, or other charges, which are all deducted to calculate net sales. It has the…