PrayzFM | Bookkeeping

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December 9, 2024 In Bookkeeping By PrayzSite

Temporary Accounts vs Permanent Accounts Differences & More

This permanent account process will continue year after year until you don’t need the permanent accounts anymore (e.g., when you close your business). To avoid the above scenario, you must reset your temporary account balances at the beginning of the year to zero and transfer...

September 26, 2024 In Bookkeeping By PrayzSite

How to Calculate Sales Tax George Dimov, CPA

However, it’s essential to note that a single ZIP code might have multiple tax jurisdictions within it. To get a more accurate sales tax rate, consult your state’s revenue department, or use an online sales tax calculator that takes the specific address into account. In...

June 27, 2024 In Bookkeeping By PrayzSite

How do I find my employer’s EIN or Tax ID?

Respondents say maintaining profitability despite inflation and higher interest rates has been the biggest challenge clients have faced over the last 12 months. Three in 10 (30%) say it’s been the greatest difficulty for clients — more than twice the number who say compliance (13%),...

April 8, 2024 In Bookkeeping By PrayzSite

Cash Receipts Journal

A cash receipt journal records all types of cash transactions of a business. These transactions can include business sales, accounts receivable, interest, and other forms of cash payments. Subsequently on a regular (usually daily) basis, the line items in the cash journal are used to...