Category: Bookkeeping

If the account reconciliation reveals that an account balance is not correct, adjust the account balance to match the supporting detail. Also, always retain the reconciliation detail for each account, not only as proof, but also so that it can be used as the starting point for account reconciliations in subsequent periods. Conversely, identify any […]

They can be one time, recurring, or anything in between—if it costs https://namesbluff.com/everything-you-should-know-about-accounting-services-for-nonprofit-organizations/ you, then it’s an expense! The closer to accurate you can get documenting your expenses, the easier it’ll be to stick to your budget. Yes, profit in a charity is perfectly acceptable as long as those profits are used for the nonprofit’s […]

Choosing the right nonprofit accounting software will streamline how your organization understands itself. Things like utility, bills, office supplies, and software subscriptions may seem minor on their own, but when combined they can create significant overhead costs that eat into your budget. To prepare for anomalies without disrupting operations, you should regularly review and adjust […]

California bookkeeping offers diverse tax credits to reduce your tax bill. The Earned Income Tax Credit benefits low-income earners. California’s income tax system is progressive, meaning tax rates increase with income levels. Tax Planning Strategies for California Residents This page is here to make understanding California state income tax easier for you. Additionally, taxpayers earning […]

This approach is intended to balance the tax burden across different income levels, with higher earners contributing more to state-funded programs and services. It’s important to note that those rates do not apply to actual income, but adjusted gross income. That is income after all applicable deductions and exemptions have been subtracted. The standard deduction […]