Category: Bookkeeping

While the goal of a nonprofit isn’t to turn a profit, if you don’t bring in more than you spend, you won’t be able to survive. And a little “profit” helps build your operating reserves to help you survive a slow-fundraising quarter or unexpected expenses. It includes donations, grants, fundraising, earned revenue, government funding, and…

For example, if you spend $2,000 on a new irrigation system, this would be a capital improvement that you need to capitalize and depreciate over time. The example shows the electricity expense account which is on page 21 of the ledger. The name of the account ‘Electricity Expense’ and its https://www.bookstime.com/articles/capital-budgeting account code 640 are…

Another form of taxation that you will be subjected to is the federal income tax while you will be required to pay self-employment tax. This includes taxes for Social Security and Medicare that a typical employer would be expected to make for a regular employee. Well, if you sell goods or services in the USA,…