From tracking project expenses to handling vendor payments, there’s no shortage of detailed accounting tasks that require precise attention. Understanding construction accounting helps construction firms improve cash flow, track project profitability, and stay compliant with tax regulations. This guide to construction accounting offers insights to make bookkeeping an asset rather than a headache. Cash flow […]

Contingent liabilities such as royalty payments or unearned revenue are to be disclosed, too. – Red Brick Records is getting ready to release a new album and is unsure as to whether it owes a few artists on the record royalties due to contracts and legal disputes. Red Brick should report the contingent liability in the

Banks use them to help maintain a written ledger of funds deposited throughout the day and to ensure that no deposits are unaccounted for at the end of the business day. If the client uses a deposit slip at the bank, the account number must be written in the designated area at the bottom of

The depositor fills out the slip to indicate what types of funds are being deposited and which accounts they should be deposited into. In some cases, a bank will pre-print forms with account information and include them in a checkbook. Deposit slips are used by a bank to keep track of the money deposited over