Thursday, August 1, 2013
Barrie Bookkeepers will be in the office on Monday August 5th for the Civic Holiday.
Posted at 03:52 PM
Tuesday, January 22, 2013
What is retained earnings? On the balance sheet all of the numbers represent the values as of one point in time and are an accumulation of every transaction up to that point. Retained earnings is the total of profits less any losses from all of the previous years the business has operated.
Posted at 12:18 PM
Thursday, April 19, 2012
What is sales draw on commission? When a salesperson is paid commission it is common that the commissions are only calculated once a month. If they require money more frequently the company may agree to providing a draw. The draw is a loan against future commissions earned and can be paid out weekly. When the commission settlement is made the following month, the total of the draws is deducted.
Posted at 08:36 AM
Thursday, March 22, 2012
What is Prepaid? Some purchases only send a bill once a year. Recording the bill as an expense in 1 month it overstates for that month. The other 11 months expenses are then understated. To even out the 12 months Prepaid is used. Dividing the bill by the number of months it covers, a monthly cost is determined. Recording this as the expense portion, the prepaid account reduces by the same amount.
Posted at 09:00 AM
