What is Petty Cash? How to Manage it?

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The claim “Europe’s #1 business spend solution” is based on the number of customers...

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Annualize Overview, Benefits, APR, EAC

Explore the annual salary ranges for similar types of jobs, to find out what other companies are paying. This will help you be realistic about what you’re asking for, and start the negotiation from a stronger position. It can sometimes feel a bit daunting to ask for more money, but if you don’t ask the question you will never know what the answer would be. Various methods are used to calculate annualized income, and each method is adapted to the...

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What is an Arm’s Length Transaction? Real Estate That’s Fair

For example, having a family member as the seller of a person’s house property purchase could result in a decrease in the sales price. An arm's length transaction helps everyone involved in the transaction be reassured that the price and conditions of the sale are fair and true. Many banks have cracked down on fraud and short sale scams by requiring an arm's length sale. You are a first-time buyer purchasing a single-family home to be your primary residence in...

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What Is Bookkeeping? Definition, Tasks, Terms to Know

The advent of accounting software significantly lessened the tediousness of bookkeeping by handling debits and credits for you in the background. And technologies like optical character recognition (OCR) and bank feeds have come just short of fully automating the traditional bookkeeping process. Data entry can now happen as soon as you snap a photo of a receipt with your smartphone. And reconciliations happen almost in real time through daily bank feed maintenance, making the end-of-month closing process a snap. Now...

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How to Record Gift Card Sales: E-commerce Accounting

The following $1,250 of unearned income is taxed at the lower child tax rate. A company gives each employee a $25 gift card as a holiday gesture. Since the gift card is of nominal value and is not tied to job performance, it is classified as a non-taxable gift. If gift cards are tied to job performance, such as a reward for meeting targets, they are classified as compensation. Gift cards can be physical cards or electronic which consist of...

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