Accounting News & Commentary
Loan Interest Expense Made Easy
Enter Loan Interest Expense every month or at year-end? While it is not wrong to book your loan interest expense at year end, my preference is to have that interest spread throughout the year. I created a spreadsheet to summarize the monthly journal entry to record...
Recording Prepaid Revenue Over Time
Entering prepaid revenue (subscription revenue) and automating the allocation of prepaid revenue over time using QuickBooks Online.
Federal Mileage Rate
When determining your business's annual vehicle expenses, you generally have the option of using actual expenses incurred or the Federal Mileage Rate. Who Uses the Federal Mileage Rate Using the Federal Mileage Rate primarily involves keeping track of miles driven in...
A Single Member LLC to an S-Corp
Electing to have your Single Member LLC treated as an S-Corp for tax purposes could lead to tax savings. Discover the advantages of S-Corp election.
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