This article addresses the concept of taking expense payments made this year and recognizing them for Income Statement purposes in the previous year. To better explain, here is a scenario: You received a services bill from a vendor that is dated January 5th of 2023, however the services that were performed all occurred in
Read MoreMy client, Mary, recently made a personal loan to her small business in the amount of $20,000. This personal loan actually originated from a bank, in which Mary took out in her own name, then she transferred these funds to her business bank account. This loan is also charging interest in which Mary will have
Read MoreMy client, Katie, currently owns and operates a small home remodeling business. Each month, her client sends to her a $60k check payment as an upfront or prepayment for materials & labor costs. Then Katie proceeds to purchase the necessary materials and labor to continue the project for her client. As Katie’s bookkeeper, I do
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