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    Retained Earnings Calculation

    Retained Earnings Calculation

    Both investors and company managers are interested in profits that are later distributed as dividends and kept as retained earnings. Before talking about retained earnings calculation, we want to ensure that you have a clear idea of what this term means. Retained earnings represent part of the equity that was not distributed to shareholders as […]
    Retained Earnings Equation

    Retained Earnings Equation

    A market economy is always characterized by the competitive relationships of various enterprises with each other. In the financial statements, the most crucial factor is profit. The work efficiency of a business entity reflects its positive dynamics in comparison with other economic features. This can be seen and analyzed with the help of its financial […]
    Balancing off Accounts

    Balancing off Accounts

    Final entries in the accounts after the end of the annual accounting cycle. At the end of the year, based on the full inventory, the account entries are updated, and the turnover and balance are displayed for them. However, many accounts are closed in this period. This process is called balancing off accounts.  What is […]
    What is QuickBooks

    What is QuickBooks

    Accounting is one of the most important divisions of any enterprise responsible for the accuracy of a wide range of business processes. The specialist has to deal with:

    •  the execution of orders;
    •  cost allocation;
    • document management;
    • financial flow control;
    •  reporting;
    •  analysis, and many other operations. 
    What is the Accounting Cycle

    What is the Accounting Cycle

    The accounting cycle refers to a cyclical and systematic workflow followed by bookkeepers. The processes involved in the cycle are essential to comprehensively record, identify, and synthesize a business’ financial transactions. This came to be every bookkeeper’s guide religiously practiced and observed throughout the year to prevent record errors. In line, its purpose is invaluable as it formally keeps financial statements and other details accurate. 

    What is Intuit Payroll

    What is Intuit Payroll

    A cost-efficient payroll solution, Intuit showcases a payroll service that can be customized to fit the exact payroll service needs of any small business. Intuit offers several packages with different inclusions and services offered. Intuit payroll allows employers to compensate their employees efficiently without too much work or effort exerted.  Intuit payroll includes an unlimited […]
    What is Opening Entry in Accounting

    What is Opening Entry in Accounting

    Opening entry in accounting refers to the primary entries of business at the beginning of each fiscal year or the beginning of its establishment. It involves the business’ assets, liabilities, and equity that are stated in a balance sheet. Its function is to assess where the business is at present with regards to financial or accounting status.  

    How to: Opening Entry with Examples

    Here, two cases of opening entry will be discussed: (1) a newly-established business and (2) a business’ opening entry in a new fiscal year. 

    Zoho Books Review

    Zoho Books Review

    Zoho Books is a cloud software for accountants and bookkeepers. It is perfect for small and growing businesses. It allows growing companies to manage their books, to send the accounts, and to process payments in the same system. The system includes:

    • tracing of stocks in the system of real-time;
    • tracing and control of the expenses;
    • automated banking;
    • a special portal for clients and so on.

    There are positive reviews about Zoho Books written by many users. However, negative reviews are quite rare. Also, the pricing is reasonable and available. 

    Tax Free simple explanation

    Tax Free simple explanation

    Tax-free is a system for returning the amount of value-added tax (VAT). The VAT is refunded on purchases made by foreign citizens when they cross the border of the country in which they were purchased. The refund amounts usually range from 8% to 25% of the amount of the tax free purchase, depending on the country where the shopping took place. 

    Legal entities can also return a portion of the money spent – there is a tax-free business system for them to return the amount of VAT on expenses for foreign business trips. So, every shopper and traveler must know the tax free definition. 

    Thus, since you are not a taxpayer of the country where your purchases were made, you can get a certain amount of money back for them, including VAT. However, you can only do this in stores that support the tax-free program.

    Social security tax guide

    Social security tax guide

    The General Federal program or social security Program is a program of insurance for old age, loss of a breadwinner, and disability. The General Federal program is the only, although the largest pension program that has a distributive nature. All other pension programs, both public and private, act as accumulative systems.

    The General Federal program was introduced by the law on social security and adopted in August 1935 by President F. Roosevelt. After the Second World War, and especially recently, OFP changed very quickly. From 1950 to 2000, payments under the program increased from $1 billion to $407 billion., and in 2011, they reached $873 billion. The number of recipients of pensions and other benefits for 1950-2011 increased from 3.5 million to 60 million people.