Category: Bookkeeping

See why small businesses love Bench through real reviews, affirming our promise to provide accurate books and peace of mind. Although it costs extra, Bench can go back in time and track previous months or even years of income and expenses for you. This is most useful if you’re joining Bench late in the fiscal…

Periodic interest accrued is recorded in Interest Revenue and Interest Receivable. The following example uses months but the calculation could also be based on a 365-day year. Notes receivable have several defining characteristics that include principal, length of contract terms, and interest. The principal of a note is the initial loan amount, not including interest, requested by…

Choose whether you’re applying or renewingIn the very first section, you’ll be prompted to mark whether you’re renewing an ITIN you already have or applying for a new one. The same rule of thumb goes for your dependents and your spouse. If you aren’t claiming them on your tax return, there’s no reason for them…

The corporation shouldn’t complete Form 4684 for this type of casualty or theft. Instead, each shareholder will complete the shareholder’s own Form 4684. Figure this amount in Part III of Form 4797 for each section 1250 property (except property for which gain is reported using the days inventory on hand installment method on Form 6252)…

The equity & liability portion for the convertible bonds can be calculated using the Residual Approach. This approach assumes that the value of the equity portion is equal to the difference between the total amount received from the proceeds of the bonds and the present value of future cash flows from the bonds. The split…