Writing down group of receivables

It is one thing to write down specific receivables, but what if you also have a considerable amount of smaller receivables (both the balance in total and the quantity of balances it comprises of)? You’re expected to assess each individual receivable balance when considering their collectability, but it’s not feasible that you go over each […]

What should I do when there’s a balance that’s very small but I don’t know what it relates to anymore?

Balances such some “leftovers” on prepayment accounts for an example or some accruals may at a certain point remain as such that you don’t know what’s behind them no longer. They’re remains of entries once made and usually relate to either rounding up or down or some currency differences for an example. Be the reasons […]

Expenses on which you need to pay taxes

In your everyday accounting there are bound to be some expenses on which you need to pay taxes according to your local legislation. Be them taxes on special benefits or VAT on general purchases, it’s important nonetheless to have an overview of the amounts the tax should be calculated on. If the tax is on […]

Inventories in either their cost or net realisable value

Something to note in your everyday accounting is that your inventory should always be accounting it’s lower or either cost or net realisable value. I know that you may have already known that, but are you really accounting your inventory accordingly? If you’re adding some expenses to your cost of inventory you’re treating it most […]