Bookkeeping Services Johor Bahru

Have you ever heard of write-offs? Write-offs refer to the reduction of an item’s recognised value. In accounting, write-offs are crucial as the companies should reflect the reduction in the assets they own in their financial statements. This is for the investors to know the prospects and performance of the company. Thus, do not hesitate […]

Throughout the useful life of an asset, you may sell it out at any point within that period. Hence, when this happens, you have to recognise the gain or loss the sale of that asset (disposal) has brought to the business if there is any in your profit and loss statement. Also, you need to […]

In an accounting period, the accountants may create some reversing entries. These are the journal entries that will reverse certain entries they have made in the last period. Usually, the reversing entries will appear when a new accounting period starts. The accountants will use them when they have accrued some revenues or expenses in the […]

Usually, allowance for doubtful accounts will pair with accounts receivable, and it will offset the latter. The allowance is the best estimation the management has made on the amount of accounts receivable that their client will be unable to pay the company (Also see Understanding Write-offs). After subtracting the amount of allowance from the accounts […]

Cost of goods sold (COGS) refers to the total amount of cost that a company has spent in creating a product or a service that it has sold. Business owners should divide these costs into a few sub-categories, which are materials, direct labour, as well as overhead. For a company that offer services, the business […]

In accounting cycles, journal entries are the first thing you need to do (Also see How do Accountants Record Transactions?). These entries are the records of the transactions your company has made in an accounting system. When there are transactions and other relevant activities in the accounting period, you need to record those journal entries […]

  As you own an incorporated company in Johor Bahru, you have to ensure that your accounting books are always up to date to make the process of tax filing easier. Otherwise, calculating taxes is going to be your worst nightmare.  Fortunately, you may apply some accounting systems to automate a lot of the bookkeeping […]

Tangible Assets A tangible asset is a solid property that you can feel by touch. People often use this term with fixed assets (Also see Disposal of Fixed Asset in a Company) like buildings, machinery, office equipment, vehicles and others. A tangible asset is not the suitable term to use if you are describing shorter-term […]

Operating assets are the assets you need to use in the ongoing process of running your firm. In other words, you need operating assets to earn the profit. Cash, accounts receivable, fixed assets (Also see Revaluation of Fixed Assets), prepaid expenses, as well as inventory are some common instances of operating assets. If you have […]

Accounting for manufacturing businesses is closely related to the inventory valuation as well as the cost of goods sold. Keep in mind that in other types of businesses, both of these concepts are not common, and their processes are rather simple. Inventory Valuation A lot of manufacturing companies utilize a specific quantity of raw materials […]