Category Archives: Bookkeeping

All pros and cons listed below assume the company is operating in an inflationary period of rising prices. FIFO is a straightforward valuation method that’s easy for businesses and investors to understand. It’s also highly intuitive—companies generally want to move old inventory first, so FIFO ensures that inventory valuation reflects the real flow of inventory.…

It is multifunctional, acting as combo filler, while also being a strong anti-air. When using it as an anti-air, you are going to want to use the heavy version if they are above you, and the medium version if they are coming down in front of you. Of course, your best option is the OD…

This process begins with a thorough review of all financial records, including invoices, receipts, and bank statements, to pinpoint any inconsistencies. Once discrepancies are identified, they must be investigated to determine the cause, which can range from human error to issues with electronic transfers. My bank clears the deposits before I can even connect them…

By understanding FOB destination and its impact on shipping processes, businesses can make informed decisions, optimize their logistics operations, and ensure timely and safe delivery of goods. In most cases, without a free onboard destination agreement, the shipper/seller will probably record a sale as soon as goods leave their shipping dock, irrespective of the delivery…

Any difference between invoice price and reduced price (i.e., the price that is finally received from the customer) is known as allowance. This allowance should not be confused with the sales discount, which is initially entered in the cash receipts journal at the time of receiving cash from buyers. The sales allowance is granted to…