While some variability exists in the outcome of the calculation, the minimum amount is fixed. Prepaid rent has different accounting implications under each https://www.bookstime.com/ lease accounting standard. However, under ASC 842, the new lease accounting standard, prepaid rent is now included in the measurement of the ROU asset. Additionally, deferred rent is also recorded for […]
Category: Bookkeeping
Learn About FICA, Social Security, and Medicare Taxes
The same is true for some salaries that churches pay their employees. Be sure to talk with an accountant to see if you will owe FICA taxes when working a job. As an employer, if you contribute to your employees’ retirement accounts, those contributions may not be subject to FICA. In some cases, state and […]
Fund Accounting for Nonprofits: In-Depth Guide to Basics
A nonprofit chart of accounts for your organization is the list of each account that money comes into, or out of, in your organization. This list is created by your organization and will vary depending on your nonprofit’s needs. By using FastFund, NLAC now focuses more on what they do best—bringing art to the community—while […]
What is the debt ratio?
A high ratio indicates a company that uses debt to obtain leverage and relies heavily on leverage to finance its operations. While this may, in part, be a characteristic of its industry, it may present a higher risk of insolvency to investors and lenders. If the ratio, which shows debt as a percentage of assets, […]