Additionally, median values of most assets held by households with White householders were higher than those held by households with Black householders (Figure 3). Just under 1 in 4 households with a Black householder and 1 in 12 households with a White householder had zero or negative wealth. About 1 in 5 households with a […]

Now that we have an understanding of the debit and credit rules, it is evident why supplies expense is a debit and not a credit. The supplies on hand are therefore balance sheet assets that become income statement expenses as employees take and remove the supplies from the storage locker for use. So, at the […]

For over 40 years, we have been coming alongside nonprofit organizations to take on daily accounting tasks and provide a steadying force for your financial needs. We also take pride in allowing nonprofits to leverage our extensive network to find the best vendors and strategic partnerships for their specific needs. Our ultimate goal is to […]

Companies operating in the United States rely on the guidelines established in the generally accepted accounting principles (GAAP). Under GAAP, a contingent liability is defined as any potential future loss that depends on a “triggering event” to turn into an actual expense. Two classic examples of contingent liabilities include a company warranty and a lawsuit […]

This article discusses the advantages and disadvantages of hiring employees vs. independent contractors. While it may seem like it always costs more to hire an employee, keep in mind that many contractors pay for their own self-employment taxes and benefits. That means the fee you pay for their work may actually be higher than the […]

Check to see that the contact information is correct, as checks may go missing simply because of an incorrect mailing address. Outstanding checks that remain so for a long period of time are known as stale checks. Outstanding checks also have the risk of being used in fraudulent conduct. Someone else could be able to […]

There are no rules as to the invoice numbering system, apart from them being alphanumeric (they may include numbers and letters). Invoice numbers typically don’t contain special symbols or characters. Hiveage also supports recurring billing, where you can set up a regular schedule of invoices for a particular client (e.g., monthly or yearly subscriptions). Invoices […]

David & Pat’s Bookkeeping Services is a bookkeeping and tax company based in the city of Houston, TX. This company assists their clients to exert more control in managing their businesses by providing various services such as bookkeeping, tax consultation, business consultation, and resolutions for tax problems. Whatever their clients’ tax and financial questions are, […]