In today's technology-driven business environment, internal-use software is increasingly essential for improving efficiency and productivity. ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software, provides guidance on accounting for the costs associated with developing or obtaining internal-use software. This article explains the capitalization of development costs for internal-use software under ASC 350-40, along with illustrative journal entries.
Accounting Standards Codification (ASC) 310-10, Receivables - Overall, provides guidance on the accounting treatment of factoring receivables transactions. Factoring is a financial transaction in which a company sells its accounts receivable to a third party, called a factor, in exchange for immediate cash. This standard is crucial for entities that use factoring arrangements to manage their cash flow, as it ensures consistent accounting treatment for these transactions. In this article, we will discuss the key aspects of ASC 310-10 and provide examples of journal entries to illustrate the accounting treatment of factoring receivables transactions.
Are you considering taking out a loan but need to learn more about interest rates? Understanding Annual Percentage Rates (APR) is essential for making informed financial decisions. In this article, we'll provide an overview of APR, explain how it works, and outline the different types of APR you might encounter. By the end, you'll better understand how to make the most of your loan.
Are you looking to gain insight into the financial health of your business? An annual report can give you the valuable information you need to make strategic decisions and grow your business. This article will discuss the benefits of an annual report for your business and how it can help you make the right decisions for success. Using accounting software can help you save time and effort in creating an annual report while providing valuable insights into your business's financial performance.
GSTR-11 is a return form that is required to be filed by individuals or entities who have been issued a unique identification number (UIN) for claiming a refund of taxes paid on purchases made for the purpose of making supplies that are exempt from tax. It is a monthly return form that needs to be filed by the 28th of the month following the month in which the supplies were received.