Month: April 2021

Accrual accounting definition

Although the company has received no cash, the revenue is recorded at the time the company performs the service. Companies using the cash basis do not have to prepare any adjusting entries unless they discover they have made a mistake in preparing an entry during the

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Paychex: Payroll & HR Solutions

Like you would for expenses, we suggest having a payroll liability account for each item. Most commonly, these are federal and state taxes that are withheld, but not yet paid to the different agencies. In the same way, payroll liabilities are items that are owed by

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