Category: Bookkeeping

Therefore, they can best be described as a contra-purchase account. The incentive to the buyer of purchase discount is that the purchase costs decrease, and the business can save a considerable amount on procurement costs. Record the journal entries for the following purchase transactions of a retailer. On June 8, CBS discovers that 60 more...

Let us say, for example, a car salesman earns a commission earns a 4% commission on sales. If we would like to get the 4% of his total sales, that is his commission pay. So, if the car salesman sells a total of \$30000, he will get a commission of \$1200. The straight commission can...

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Investing in software specifically designed for inventory management can help improve the efficiency of your operations significantly. By having an efficient inventory system that tracks and monitors stock levels, businesses can better manage their relations with suppliers and vendors. With adequate planning, businesses can ensure their supply chain is running smoothly and take advantage of...

This means that a significant number of individuals in these roles are either leaving or starting a job at any given time. Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or...