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Source Documents Purpose & Examples What is a Source Document in Accounting? Video & Lesson Transcript

A check is a unique bank note that serves as the customer’s payment’s representation of cash. When paying with cash, it’s a good practice to have a receipt as confirmation of payment. When purchasing goods from a store or an online retailer, receipts are typically automatically issued. Generally, source documents should be kept as long …

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How to Adjust Payroll Liabilities in QuickBooks Explained Scott M Aber, CPA PC

If you need to make adjustments for more than one period, then you must use a separate adjustment general rules for debits and credits transaction for each period. Make sure that the adjustments are correct by selecting the appropriate reports when finished. This article also explains how to use a liability adjustment to correct an …

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Decision Tree template

See the big picture of any business decision with this Influence Diagram Template. You’ll define the decision you have to make and brainstorm everything that could impact it. When you build connections between these factors, you’ll be able to put the right amount of weight into each one as you make your decision. Visually map …

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The Pros and Cons of Outsourcing Accounts Payable: An In-Depth Analysis

Ask potential providers about their data privacy and security policies and any certifications or audits they may have undergone to demonstrate their commitment to safeguarding your financial information. Despite the myriad benefits of outsourcing your AP processes, it may not be the best choice for you. You may have hesitations about working with a third-party, …

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Calculating double-declining balance depreciation for tax purposes in Excel using the variable-declining balance function

For tax purposes, only prescribed methods by the regional tax authority is allowed. By dividing the $4 million depreciation expense by the purchase cost, the implied depreciation rate is 18.0% per year. If the company was using the straight-line double declining balance method depreciation method, the annual depreciation recorded would remain fixed at $4 million …

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