You also want to make sure the law firm accounting software you choose is one that integrates with the general ledger package your accountant or bookkeeper uses. This will save hours of data entry time as well as eliminate the possibility of errors. Revenue accounting is fairly straightforward when a product is sold and the […]
This allowance can accumulate across accounting periods and may be adjusted based on the balance in the account. To use the allowance method, record bad debts as a contra asset account on your balance sheet. In this case, you would debit the bad debt expense and credit your allowance for bad debts. Writing off these debts helps you avoid ...
Ground leases involve leasing land for a long-term period to a tenant who then constructs a structure on that property. For example, since they are building on land they don’t own, tenants may need to get the approval of the landlord before construction can begin. And tenants can lose control of their building after the term of the ...
Ethics rules vary in each jurisdiction, but there are definitely some basics when it comes to accounting for law firms. Accounting for law firms is often intimidating—even for seasoned lawyers. While you’ve spent years honing your skills to become a great lawyer, you didn’t learn about accounting or bookkeeping for attorneys at law ...
If the company has done the calculation but doesn’t show the calculation and the exact narration of how it happened under the balance sheet, it wouldn’t be possible for the investor to understand it. Credit may be extended as an installment loan or a revolving line of credit. A significant part of your credit score (30%) is your ...
Most triple net leases are long-term leases lasting for more than 10 years, and they generally include concessions for rent increases. In addition to your rental rate and operating expenses, there are other elements of a NNN lease that can affect your overall financial obligation. Triple Net leases are the most common type of lease you will ...