![]() ![]() Fixed Assets are not expected to be converted to cash during the normal course of the business year.cash, savings, accounts receivable, inventory, stockers. Current Assets are cash or items expected to be converted to cash in less than 12 months.– Information to address issues of estate planning, deferred tax obligation, generational transfer and retirement. – The collateral for lenders in case of liquidation to meet debtors’ obligations. ![]() Reports the business’ financial position on a certain day by determining: – The ability to bear financial losses (risk).OWNER’S EQUITY - What the owner is worth Owner’s Equity = Assets - Liabilities.LIABILITIES - What the business owes (debt).Profit and Loss Statement (Income Statement).Provides a more accurate overall financial picture by incorporating accrual entries into cash basis numbers: – Accounts Receivable – Accounts Payable – Inventories – Prepaid Expenses.Enter income when it is sold, not when you receive the money.Enter a bill when it is received, not when paid. ![]() QuickBooks does allow for an easy conversion from Quicken
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