There are IRS guidelines on how a business must capitalize its assets, and different asset types are categorized into different classes. These are expenses of maintaining the present operation levels within an organization and expenses that enable future increase and growth. Capital expenses are either tangible or intangible, with both variants taken as assets because…

A good example of repair and maintenance that will fall under expense is the cost you incur in replacing a broken-down engine to restore the operation of a machine. Let’s take a look at all three business expense categories and how to classify them properly. This entry can be utilized to track the progress of…

Features include membership management, contributions & donations management, financial management, event management, communication, reporting, security, mobile access, cloud-based, and third-party integrations/add-ons. It offers tools for tracking member information, including contact details, attendance, and giving history. Pastors can manage member information and create custom attendance and donations reports. IconCMO even allows churches to schedule, register, and…

This is particularly important when accruing payroll expenses as well as any expenses you have incurred during the month that you have not yet been invoiced for. Deferred revenue adjustments are made when money is received before the service is provided. In Record and Post the Common Types of Adjusting Entries, we explore some of…

Assume the transaction above was recorded four times for each Friday in June. The $4,000 balance in the Wages Expense account will appear on the income statement at the end of the month. According to the accrual concept of accounting, expenses are recognized when incurred regardless of when paid. Therefore, if no entry was made…