by cdaaccounting | Jun 1, 2022 | Business
Your Coeur d’Alene business sales returns should be handled as if they were negative sales. Prepare a separate return invoice (or credit memo, or whatever you want to call it) for each return, and mark it clearly return or refund. Write down all the information...
by cdaaccounting | Jun 1, 2022 | Business
The process required to bring your Coeur d’Alene business accounts to a zero balance. This process is done at the end of the period prior to the preparation of the financial statement. Month Quarter Year Only revenues and expenses also called temporary accounts...
by cdaaccounting | Jun 1, 2022 | Business
A tax year is an annual accounting period that an Idaho taxpayer uses to determine their tax liability. A calendar year is January 1st through December 31st. Individuals, including an Idaho sole proprietorship, always use the calendar year. A fiscal year is a tax year...
by cdaaccounting | Jun 1, 2022 | Business
When doing your Coeur d’Alene business bookkeeping its vital that you document taxes and license fees and expenses in the right category. Do not include federal income or self-employment taxes, which are not deductible. Do not include sales taxes on goods and...
by cdaaccounting | Jun 1, 2022 | Business
When you extend direct credit, you need to set up a record of each credit consumer, purchases made, payments made, and balanced owed. This credit record is in addition to your business income records. Post Credit Sales Credit sales are posted to your Coeur...
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