Closing Entry in Accounting for Dummies: Definition, Example, and Best Practices

These accounts carry forward their balances throughout multiple accounting periods. From this trial balance, as we learned in the prior section, you make your financial statements. After the financial statements are finalized and you are 100 percent sure that all the adjustments are posted and everything is in balance, you create and post the closing… Continue reading Closing Entry in Accounting for Dummies: Definition, Example, and Best Practices

Categorized as Bookkeeping

Quick ratio Wikipedia

For example, if cash or marketable securities are restricted from use, then do not include them in the calculation. Similarly, if you are aware of any accounts receivable that are not expected to be collected on time, then consider excluding them from the calculation. Also, do not include inventory in the calculation, since it can… Continue reading Quick ratio Wikipedia

State of the Global Workplace Report

Moreover, statistics about employee retention suggest organizations can reduce employee turnover by as much as 57% when employees participate in corporate giving and volunteering efforts. The recent Gallup statistics on employee retention and work-from-home disclose engagement has reached a new high record. The poll results show that as much as 38% of employees are highly… Continue reading State of the Global Workplace Report

US Hiring and Wage Growth Slowed in January, ADP Data Show

Layoffs seen in some white collar industries are part of a pull-back from pandemic era hiring, research institute ADP’s chief economist Nela Richardson said on Wednesday, as employers continued to hire, but at a slower pace in January. AI-powered legal analytics, workflow tools and premium legal & business news. While hiring slowed, it was broad-based… Continue reading US Hiring and Wage Growth Slowed in January, ADP Data Show

Bookkeeping CleanUp

When transactions are not accurately inputted or files are misplaced, it can lead to discrepancies and inaccuracies in your financial records. This can lead to miscalculations, incorrect financial statements, and even legal and compliance issues. For instance, if your books are not properly organized, you may miss important deadlines for tax filings, resulting in penalties… Continue reading Bookkeeping CleanUp

Categorized as Bookkeeping

How to Calculate Minority Interest

While various methods exist for valuation, it is critical to use multiple approaches, make prudent assumptions, and account for all economic factors impacting the subsidiary’s fair value. This provides a realistic view of minority interest and how it flows through to overall consolidated financial reporting. Discounted cash flow (DCF) analysis is considered the most rigorous… Continue reading How to Calculate Minority Interest