Construction-in-Progress-Accounting & Why Your Business Needs It
This clarity helps businesses avoid overstating what is cip in accounting their profits by allocating costs to the correct period. However, it is important to consider the potential drawbacks of capitalizing assets in progress. A well-trained accounting team forms the foundation of effective CIP man
Understanding Credit Memos and How They Relate to Accounting
Discover how this essential document can streamline your financial processes, enhance trust with your partners, and ultimately contribute to a more robust and reliable business operation. Understanding the intricacies of credit memos is not just about compliance; it’s about building a foundation o
What is Royalty in Accountings? Meaning, Types, Functions & Working Criteria
This article will help you understand exactly how royalty systems affect your business’s cashflow and value. Royalty revenue earned by the licensor is typically presented as a separate line item in the income statement or included as part of the relevant revenue category. This allows users to asse
Coinbase partners with TurboTax to let you receive tax refunds in cryptocurrency
A hard fork doesn’t always result in new cryptocurrency issued to the taxpayer and doesn’t necessarily generate a taxable event as a result. However, in the event a hard fork occurs and is followed by an airdrop where you receive new virtual currency, this generates ordinary income. An airdrop i
6 Best Accounting Practices for CPG Accounting
This type of accrual is when your current trade promotion budget is based on what you earned in the previous budget period. Everything you earn in the current budget period funds trade promotion next year. Creating the next liquid death is only one aspect, and the business is all about keeping it pr
