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And while we discussed state income tax in a previous article, you should also remember local income taxes. These are sometimes assessed in large urban areas (think New York City, San Francisco, etc.). There are 14 states that https://glowtechy.com/why-professional-real-estate-bookkeeping-is-essential-for-your-businesses/ allow local governments to collect an income tax. These can cover programs like short- and long-term […]

Transfers may occur during the lifecycle of a fixed asset for various reasons. An asset may be transferred from a construction-in-progress account to a completed fixed asset account when fully constructed. A fixed asset may be transferred between subsidiaries, business segments, locations, or departments of an entity. In the case of asset grouping, one or […]

The transaction would not be recorded in the general ledger as an official business purchase. However, the team may realize the mistake stems from an external source, like if the vendor or credit card company made an error. In this case, they’ll need to reach out to discuss the problem, provide supporting details, and request […]