Accounting for Government and Nonprofit Entities
In some cases, the money becomes unrestricted when a timeline ends or the objective is met. In other cases, unspent restricted funds may need to be returned to the grant maker or donor. Unrestricted funds often make up the majority of donations for small nonprofits. So you can use this money for any organizational need […]
Deposit Slip What is a Deposit Slip? Definition, Types, Uses
For example, if you are depositing a $500 check and want $100 in cash back, you’ll enter the $500 amount under “Checks” and then write $100 where you see the cash back option. Depending on how much money you have in your account, you might not be able to cash a check and take part […]
What is Salvage Value and How to Estimate It in Your Capital Budgeting Analysis
When a company purchases an asset, first, it calculates the salvage value of the asset. After that, this value is deducted from the total cost of the assets, and then the depreciation is charged on the remaining amount. In some contexts, residual value refers to the estimated value of the asset at the end of […]
How To Write an Invoice in a Professional Way & Free Invoice Template to Get Started
When a project is completed, pro forma invoices need to be adjusted to represent the hours worked accurately. On-the-job training and experience in accounts payable processes and software usage are often provided by employers to enhance job performance. Depending on your geographic location and industry, there may be specific legal requirements for what you need […]
How to Read Nonprofit Financial Statements Basic Guide
Liquidity refers to how quickly an asset can be converted into cash without significant loss in value. Cash is the most liquid asset, while property and equipment may take longer to convert into cash. Take our 2-minute survey to find out if outsourced accounting and bookkeeping is a good fit for your organization. If you’re […]
How to Account for a Lease Termination including Partial Lease Terminations under ASC 842
These new lease accounting standards provide a company with a true understanding of their financial position, their operating cash flow and the financial impact of their lease portfolio. Navigating lease modifications and terminations under ASC 842 can be complex, but understanding the accounting treatment for these changes is crucial for accurate financial reporting. By identifying […]