Bookkeeping

The COGS calculation process allows you to deduct all the costs of the products you sell, whether you manufacture them or buy and re-sell them. List all costs, including cost of labor, cost of materials and supplies, and other costs. Goods that were manufactured or purchased first are the first ones to be sold. With FIFO inventory, it means that your business will have to sell first the least-expensive products. Understanding these components helps businesses accurately calculate COGS. In addition, the …

Yes, the consignor may be partially liable if the damage occurs due to improper packaging or labeling before handing over the goods to the carrier. In case where a consigner and shipper is not the same, they come together to sign the BOL, specifying the shipment terms and clauses. However, they are also permitted to rely only on what they are told by a trusted consignor - the technical term for a sender. "What is know is that it was …

Our professionals can also help you increase your profits through cost and tax reduction. Our virtual bookkeeping account managers will operate your QuickBooks’ daily activities and sort out all financial statements. Our bookkeepers serve the whole Dallas-Fort Worth metro area. Strategic Business Planning The company's finance solutions include accounts payable and receivable, payroll services, general ledger support, financial reporting, and controller services. NexGen Finance Solutions is a Better Business Bureau accredited business and a proud member of the Plano Chamber. A bookkeeping …

The following table shows the declining balance rate for each property class and the first year for which the straight line method gives an equal or greater deduction. Under MACRS, averaging conventions establish when the recovery period begins and ends. The convention you use determines the number of months for which you can claim depreciation in the year you place property in service and in the year you dispose of the property. Depreciable Assets Generally, containers for the products you sell are …

Unlike wire transfers, EFTs are typically used for regular, day-to-day transactions and can involve transfers within the same bank or different financial institutions. In the digital era, transferring funds has never been easier, with EFT and bank wire transfers providing reliable methods to move money. By understanding the differences between these options, you can make informed decisions that align with your financial needs, whether for personal or business purposes. Remember to consider the speed, security, cost, and convenience of each …