Adam Hill, author at Online Accounting

Adam Hill started accounting and trading back in 2007. He has achieved quite a lot of success. Now he decided to open his blog. Here he publishes articles on accounting. For any questions of interest, please contact us by e-mail: admin-hill@online-accounting.net

How long should you keep business records: How long should I keep records? Internal Revenue Service

Jul 3, 2023 Bookkeeping by Adam Hill

These records can help you defend against claims or suits for compensation that occur long after your business closes. First, the service pairs you with a CPA who is an expert in your state and industry and can answer the tough questions you have about your business. Second, while many others charge by the hour,
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Home office expense: Home Office Tax Deductions for Small Businesses

Jun 30, 2023 Bookkeeping by Adam Hill

The $1,500 maximum for the simplified deduction generally equates to about 35 cents on the dollar for most taxpayers, said Markowitz. This home office needs to be only used for your business — as in, it can’t be a guest room with a desk in it — and you must be able to prove that
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Gross pay vs net pay: Gross Pay vs Net Pay: Whats the Difference?

Jun 30, 2023 Bookkeeping by Adam Hill

Remember, your gross salary will be different depending on whether you’re a salaried or waged employee. If a worker earns $14 per hour for 40 hours per week and gets paid weekly, their weekly gross pay is $560 ($14 x 40). To figure out your gross pay from your net pay, you have to know
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General ledger accounts: How a General Ledger Works With Double-Entry Accounting Along With Examples

Jun 30, 2023 Bookkeeping by Adam Hill

If your business doesn’t make enough purchases to warrant keeping them in its own ledger, you can include them in your general ledger. Revenue accounts in the general ledger are typically divided into categories, such as sales and interest. For example, sales may be further divided into retail sales and wholesale sales, or foreign sales
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General ledger account: Accounting 101: What is General Ledger Accounting?

Jun 29, 2023 Bookkeeping by Adam Hill

However, in recent decades they have been automated using enterprise accounting software and in enterprise resource planning applications. These tools integrate core accounting functions with modules for managing related business processes. Companies use a general ledger reconciliation process to find and correct such errors in the accounting records. The transaction details contained in the general
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