Voiding a check helps ensure others can’t cash or deposit money from your account. Because checks have important bank information on them, be sure to void them correctly when you don’t want to use them. Learn everything you need to know about how to void a check, including why you should never give someone a […]
For example, consider encrypting the image or uploading it to a secure file vault. If your checking account doesn’t offer checks, you may be able to set up direct deposit in other ways. A voided check will have all of your bank information printed on it, so it can provide others everything they need to […]
For example, imagine Company ABC buys a company vehicle for $10,000 with no salvage value at the end of its life. Depreciation expense reduces taxable income, as it is an expense that is deducted from revenue. In other words, it reduces the amount of income that a company has to pay taxes on. With this […]
Recording uncollectible debts will help keep your books balanced and give you a more accurate view of your accounts receivable balance, net income, and cash flow. For example, the company ABC Ltd. had the credit sales amount to USD 1,850,000 during the year. Based on past experiences and its credit policy, the company estimates that 1% ...
Without depreciation, a company would incur the entire cost of an asset in the year of the purchase, which could negatively impact profitability. Accumulated depreciation is dependent on salvage value; salvage value is determined as the amount a company may expect to receive in exchange for selling an asset at the end of its useful […]
Please feel free to leave a comment below if you have other concerns about recording loans and income/expense transactions in QBO. Take care, and I wish you continued success, @fv0515. In QuickBooks, a sales receipt is used when your customer immediately pays for the products or services at the time of sale. If you plan […]