Lesson 1Month-end an year-end closin checklist fi an accrual small business: reconciliations, cutoffs, deferred revenue, accrued liabilities, an fixed-asset rollforwardCover month-end an year-end close steps fi an accrual-basis small business, includin reconciliations, cutoff testin, deferrals, accruals, an fixed-asset rollforwards to ensure accurate financial statements an audit-ready support.
Bank an credit card reconciliationsAged AR an AP review an adjustmentsRevenue an expense cutoff testinDeferred revenue an accrued expense entriesFixed-asset rollforward an tie-outsClose checklist, sign-offs, an controlsLesson 2Fixed asset accountin fi computer equipment an laptops: capitalization thresholds, useful lives, depreciation (MACRS vs book), asset taggin an disposalDetail fixed-asset accountin fi computer equipment an laptops, includin capitalization thresholds, useful lives, book versus MACRS depreciation, asset taggin, disposals, an maintainin schedules dat reconcile to de general ledger.
Capitalization policy an thresholdsDetermin useful lives fi equipmentBook versus MACRS tax depreciationFixed-asset subledger an tagginImpairments, disposals, an write-offsReconciliin fixed assets to de GLLesson 3Payroll accountin fi California employees: gross to net payroll, employer payroll taxes, payroll accruals, recordin payroll journal entries an benefitsFocus pon California payroll accountin from gross to net, includin employer payroll taxes, required withholdings, payroll accruals, an recordin payroll an benefits journal entries while alignin wid federal an state compliance.
Gross-to-net payroll calculation stepsFederal an California payroll tax withholdingsEmployer payroll tax an benefit costsPayroll accruals at month-end an year-endRecordin payroll an benefit journal entriesReconciliin payroll reports to de GLLesson 4Foreign contractor payments (India): recordin cross-border payments, GST considerations (if any fi documentation), an monitorin fi withholdin requirementsAddress accountin fi payments to Indian contractors, includin recordin cross-border payments, evaluatin GST documentation needs, monitorin U.S. an Indian withholdin requirements, an managin FX an bankin documentation.
Onboardin Indian contractors an KYCCross-border payment methods an timinGST documentation an invoice reviewU.S. an Indian withholdin checksFX rates, remeasurement, an gainsBank records an compliance supportLesson 5Software subscriptions an cloud services: expense vs capital treatment, prepaid arrangements, amortization of implementation costsExplore accountin fi software subscriptions an cloud services, includin expense versus capitalization, prepaid arrangements, an amortization of implementation an setup costs under U.S. GAAP fi a growin technology-driven service business.
Identifyin SaaS vs on-premise softwareExpense vs capitalization assessmentAccountin fi prepaid subscriptionsImplementation an setup cost amortizationVendor contracts an term reviewsSubledger an schedule maintenanceLesson 6Accountin fi independent contractors: 1099-eligible payments, accrual vs cash recognition, withholdin exceptions, an classification documentationExplain accountin fi independent contractors, includin identifyin 1099-reportable payments, accrual versus cash recognition, backup withholdin exceptions, an maintainin documentation to support worker classification decisions.
Contractor vs employee classificationTrackin 1099-eligible paymentsAccrual vs cash expense recognitionBackup withholdin an exceptionsW-9 collection an vendor setupYear-end 1099 review an filinLesson 7Loan accountin: recordin bank loan proceeds, amortization schedule, interest expense recognition, debt covenants an classification between current an long-term liabilitiesCover loan accountin fi bank debt, includin recordin proceeds, buildin amortization schedules, recognizin interest expense, monitorin debt covenants, an classifiyin balances between current an long-term liabilities on de balance sheet.
Recordin loan proceeds an feesBuildin an amortization scheduleInterest expense an effective rateCurrent vs long-term debt classificationDebt covenants an monitorinLoan confirmations an reconciliationsLesson 8Accounts payable, accruals, an reconciliations: vendor invoice matchin, month-end accruals fi services, an supplier foreign paymentsFocus pon accounts payable, accruals, an reconciliations, includin vendor invoice matchin, month-end accruals fi services, foreign supplier payments, an controls to ensure completeness, accuracy, an timely disbursements.
Three-way match an invoice approvalsAP agin review an cutoff testinService accruals at month-end closeForeign vendor payments an FX impactAP subledger to GL reconciliationsControls over disbursements an changesLesson 9Recordin service revenue from U.S. an foreign clients: invoicin, foreign currency invoicin an translation, revenue recognition wid milestone vs. time-based billinExplain how to invoice U.S. an foreign clients, handle foreign currency, an apply revenue recognition fi milestone an time-based service contracts, includin documentation, timin of recognition, an common small-business pitfalls.
Standard an recurrin invoicin workflowsForeign currency invoicin an FX translationMilestone-based revenue recognitionTime-based an retainer revenue recognitionHandlin discounts, credits, an refundsRevenue documentation an audit trailLesson 10Operatin expenses: travel, client meals, an online advertisin — proper documentation, per-diem an meal deduction limits, allocation between marketin an client developmentAddress operatin expenses fi travel, client meals, an online advertisin, emphasizin documentation, per-diem an meal deduction limits, an proper allocation between marketin, client development, an general administrative categories.
Travel expense policies an approvalsClient meals an entertainment limitsPer-diem rules an substantiationOnline advertisin an campaign trackinAllocatin marketin vs client developmentExpense documentation an retention
