Although you can track expenses, QuickBooks Simple Start doesn’t enable users to pay bills. QuickBooks Online is one of the preeminent cloud-based accounting software platforms on the market. With four plans available, there are several options from which to choose, depending on your needs. QuickBooks Online offers around 25 payment [...]

However, note that there’s no direct data migration option available from QuickBooks Solopreneur to any higher version of QuickBooks Online. This means you must first cancel your Solopreneur subscription and then sign up for the QuickBooks Online version you wish to upgrade to. This allows you to compare the estimated [...]

Preparing financial statements can seem intimidating, but it doesn’t have to be an overwhelming process. We’ve broken down the steps for preparing an income statement, as well as some helpful tips. Net income—or loss—is what is left over after all revenues and expenses have been accounted for. If there is [...]

In some instances, a company’s management may initiate new policies to prevent the recurrence of actions that led to losses through litigation. The above conflict produced unsettled and conflicting accounting practices concerning non-operating items. Recognition in the second case may involve allocation among the periods either based on observed revenue [...]

The 12 states that impose estate taxes increase the burdens for generational wealth transfers which can reduce economic growth due to this unnecessary tax. According to the fact sheet, the $4 million is not a credit against taxes owed. That means once your estate’s gross value is higher than $4 [...]

This made estate taxes an attractive option for states since taxpayers were paying the same amount in estate taxes whether their state levied the tax or not. They disincentivize investment and can drive high-net-worth individuals out of state. They also yield estate planning and tax avoidance strategies that are inefficient, [...]

This involves discounting future cash flows to their present value using an appropriate discount rate, which often reflects the lessee’s incremental borrowing rate. This method ensures that the financial statements present a realistic view of the receivables’ worth over time. At rent receivable journal entry transition to ASC 842, the [...]

Rent receivables represent a significant portion of revenue, and their proper handling can influence both short-term liquidity and long-term profitability. Rent received in advance is the amount of rent received before it was actually due, however, the related benefits equivalent to the advance received are yet to be provided to [...]