In QuickBooks, managing contra asset accounts involves creating a new account in the chart of accounts with the type designated as a fixed asset or other current asset, depending on the nature of the contra account. When posting transactions, one would credit the contra asset account to increase its balance, which decreases the net valueRead more about What Are Contra-Assets: Understanding Their Role in Bookkeeping[…]

The CPA is an important credential to me, and I still get continuing education credits every year to keep up with our state requirements. This helps me keep current on issues happening in the industry and new accounting pronouncements. CPAs specializing in taxation help their clients prepare and file tax returns, reduce their tax burden,Read more about What is an accountant? Definition and examples[…]