Reversing Entries: A Tutorial of All You Need to Know

Their main purpose is to simplify the bookkeeping process and avoid double counting of transactions in consecutive periods. Reversing entries act as counteractions to specific prior-period adjustments in the bookkeeping process. Initiated at the beginning of a new accounting period, these entries neutralize items like accrued expenses or revenues, ensuring no double recording. For example, […]

How to Catch Up on Bookkeeping for Your Therapy Practice

While it’s unwise, many small businesses—particularly ones where the owner is the only employee—use personal bank accounts to cover expenses and save retained earnings. Typically, software used by regular, for-profit businesses cannot be used by nonprofits. Major accounting products, like Quickbooks, may offer special versions specifically designed for nonprofits. Heard software does not support nonprofit […]

Enrolled Agent Hourly Pay in 2023

But jobs posted in the area pay between $65,000 to over $130,000 annually. As an EA seeking employment in this area of work you will generally need (2) years of experience preparing individual federal and state returns. Working on a less traditional clientele means you will need to handle constant customer flow all year round. […]