Tag Archives: bookkeeping

Managing fixed assets that are still functional but obsolete requires a strategic approach to maintain accurate accounting records and operational efficiency. This guide provides a comprehensive framework for students, teachers, business owners, and financial professionals to navigate the complexities of fully depreciated items that remain in use. Readers will learn …

Distinguishing between asset upgrades and routine repairs is critical for maintaining accurate financial statements and ensuring tax compliance. This distinction determines whether a cost is categorised as capital expenditure, which increases the asset value on the balance sheet, or revenue expenditure, which reduces current year profits. Financial professionals and business …

Imagine waking up to a letter from the tax office. Your heart sinks. They want to see your records from three years ago. You look at the pile of faded receipts in a shoebox. You look at your bank statements that show hundreds of “miscellaneous” withdrawals. You realise with a …

Let’s break down what an “account” means in business and accounting. Imagine a company has many different things it owns, and different things it owes to others. To keep track of all of these, we use “accounts”. An account is like a special page or folder in a book (called …

Tired of the same old routine? Want to do something meaningful with your extra time? Why not turn your accounting knowledge into a lucrative side hustle? Teaching bookkeeping is a fantastic way to earn extra cash, share your expertise, and make a positive impact. What is bookkeeping? Bookkeeping is the …