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Voluntary personal retirement accounts are individual accounts that allow workers to invest a portion of their Social Security payroll taxes in bond and stock funds. Personal …retirement accounts offer younger workers the opportunity to receive higher benefits than the current system can afford to pay, and build a nest egg for retirement that the government cannot touch.
The functions of accounting can be enumerated as follows : (i) Maintenance of business records. All financial transactions are recorded in a systematic manner in… books of accounts so that there is no need to rely on memory. It is not possible for any human being to remember all what happened in daily operations of a business. (ii) Preparation of financial statements. Systematic records enable the accountant to prepare the financial statements-trading and profit and loss account to calculate profit or loss during a particular accounting period and balance sheet to state the financial position of the business on a particular date. Profit is a measure of the successful running of thel business. (iii) Comparison of results. Systematic maintenance of business records enables the accountant to compare profit of one year with those of earlier years to know the significant facts about the changes. This helps the business to plan its future affairs accordingly. (iv) Decision-making. For day-to-day solving of a number of problems like what should be the selling price of goods produced? Whether a part should be made in the factory or purchased from outside? etc., the accountant helps the management by providing the relevant information. (v) Good evidence in courts. Records of business transactions are treated as satisfactory evidence in courts of law. (vi) Planning and control operations. Planning operations like sales, production, cash requirements for next accounting periods are achieved with the help of accounting information and estimates based on that information. Management is also interested in observing that the operations in the business are going on according to plan and all the departments are spending within their prescribed limits. (vii) Provides information to interested groups. Various interested parties ar groups like owners, creditors, management, employees, government, consumers, creditors are interested in accounting information related to various aspects, viz., sales, production, profits, etc. Accounting provides suitable information to such interested parties. (viii) Taxation problems. In settlement of taxation matters, systematic maintenance of records is a big help. (ix) Valuation of business. Accounting records kept in a proper way enable a business unit to determine the purchase or sale price in a simple manner. (x) An insolvent person is able to explain the past transactions without difficulty if proper accounting records are maintained.
because it can automate and handle the work more accuresy.it also aviod the paper word thus is more affordable in this global waring scenariio
Start with the assumption of differences in how people think and react.
Why payoff collections when you have a bona-fide chance in getting the collection deleted by disputing it with the bureaus that are reporting it, as per "The Fair Credit Repor…ting Act". The original creditor already wrote it off as a loss on their taxes anyway and in most cases sold the debt to a collection agency for 15 to 20 percent. Last resort is to settle on the debt. Make sure you write a restrictive endorsement on the front of the check:"By cashing this check Payee agrees to accept this check in full payment of the account as agreed and agrees to remove all derogatory information from Remitter's Credit Reports." Now you have a canceled photo of your check in your bank statement as proof incase the bureaus don't adjust your report accordingly. Also make sure to mention your account number in the memo section. I agree with Bob in the next answer--since I am a mortgage loan officer--I would be recommending the same. Pay the collection at the closing of the purchase/refinance of the home--not right before. Your scores will not improve for a good 2 months or more as you just gave a bad account a newer date. I like to call it "new history". Now if you are just cleaning up your credit and not applying for any type of loan for at least 2 months, then by all means -- pay the amt due or settle on an amount. Either way get it in writing and keep your originals--for a LONG TIME. Send copies when sending the payoff/settlement. Act as a "collector" would, and call consistently when you are waiting for confirmation via fax with the original being mailed to you until you get it. Make sure you have names and extensions when you try to re-reach the person you talked to as you will more than likely end up talking to someone else. The reason for this is because, among other factors used to determine a credit score, the "date last active" will change on these collection accounts once they have been paid. It simply means the date the account (regardless of type) had any activity on it, whether it be a credit, debit, transfer, etc. Pretty straight-forward. So let me try to explain: Let's say you have a collection from a long-forgotten medical bill (probably the most common collection), with a last active date of 08/99, with a $500 balance. Because this is such an old, inactive collection, it's effect on your credit score has been greatly diluted by more recently active credit (such as your current mortgage, car loan, active credit cards, etc.), and is likely only lowering your score slightly. If you were to pay that collection off in an attempt to gain points, your efforts will have an opposite effect in the short-term. By paying off the collection, you will bring the last active date of the collection to the current month (now would be 10/03), and although it will now reflect a $0 balance, the fact that you have a recently active collection on your credit report is more derogatory than an old collection with a balance.My advice to you is, if you are applying for a mortgage or other large loan, do NOT pay off collections before hand! Usually, lenders will require these debts to be paid at CLOSING, and this is highly recommended. Now, after about 6 months, your scores will have recovered (depending on the number of collections you had to pay off), and in the long term, will be much higher than had you left the unpaid collections on your credit report. It's just the initial hit that hurts. I appreciate the above. But I want to emphasis it highlights that you *will* have to pay off the old debt anyway. Moreover, as noted that craziness in official scoring is true for maybe 6 months. And it is happening in what might be the more junior and mechanical part of the process of actually approving a loan... many more things will actually go into it. So, let's see, if I was a lender, now and 6 months (or even 5+ years)in the future, how trustworthy do you think I would comparatively rate these two, or desire them as customers: 1) He has not made payments on his previous promises. He still owes others money that he doesn't seem able to, or interested in, paying. He expects to pay me with his future wages. Other creditors want to get repaid, and will have a right to an amount that will continue to grow with fees and interest charges, so his past due balances are actually higher than he's telling me. I can require he pay off those old debts, but if he uses my money to pay those off, do I really want to be in the shoes of those he isn't paying now? 2) He seems to have had a tough period and missed payment obligations for some reason, (but that was XX ago / there is an explanation in credit file). Gotta' say s/he really wanted to stay responsible/honorable and worked through it, made good on his promise overall and paid them. He doesn't seem to owe others now, at least not more than he seems able to pay on what he's making.... To be certain of how ill informed and absurd some of the above is...when saying that "The original creditor already wrote it off as a loss on their taxes anyway...", well maybe in a way. They wrote it off on their financial books too...they had reported an asset a receivable, (income they already reported and expected to receive), that wasn't real...they paid taxes on that income previously (when they originally made/recorded it)...both their books and tax accounting now get adjusted to show they won't receive it...the tax they get is tax BACK that they paid already on the income they aren't going to receive. You don't really think the IRS gives money back for something else do you?Can paid charges help your credit score. It can increase your credit score by paying off a charge off on your credit report. UPDATE: In 2007, Fair Isaac agreed with debt collectors that a debtor should not be penalized for paying off old debt accounts. While it is true that renewed account activity could reset the date of last activity on a collection account, it does not change the date of last activity for the original debt. Furthermore, Fair Isaac claims that adjustments have been made in credit scoring that allow for a debtor to pay an old debt without any negative movement in their credit scores. This settles a decades old argument that paying off an old liability demonstrates financial responsibility. What we do not know is whether the actual change to risk scoring models was made in 2007, or if it is part of the FICO 08 scoring update. Either way, by late 2008 debtors will not be penalized for paying off an old debt account. With this in mind debtors can pay off older accounts without fear of a negative credit score reaction. This is true for lump sum payoffs. Making a series of payments on an old debt is still not advisable. Still though, debtors should focus on newer debts, since older accounts may drop off their credit report before they get a chance to repay them. Paying off a collection will update the account as more recent which will hurt your credit score, but it will also improve your debt to limit ratio which will increase your credit score. More importantly you can negotiate to remove the credit report listing upon final payment. You can also try to dispute the collection with the credit bureau and this becomes much easier once you have paid off the debt. It is completely and utterly untrue that writing "this pays this debt in full" on a check is legally binding. Why wouldn't one do that on the first mortgage payment? I can write anything in the memo of a check, it means nothing. Please do not follow that advice. I worked for a bank for over a decade, this is a horrible myth.
Not always. Paying a collection refreshes the date of last activity. The FICO algorithm considers the last 6 months of activity to be the most important which means that it ha…s the most impact on a credit score. Paying an old collection puts that collection back within that 6 month period and lowers your credit score on many occasions. The rule of thumb is Pay collections which are active within the last 6 months and do not pay collections which have been inactive for over 2 years. Use your best judgement for everything in between.
Hi. Okay, here's how you delete your Facebook account. If you don't think you'll want to use Facebook again, you can request an admin to delete it for you. But if you just wan…t to delete it, try the Deactivate button. It should erase all of your profiles and progress on Facebook.
Record keeping is the means by which we measure and describe the result of economic activities. It is the language of business. It is the way business people set goals, …measure result, evaluate their performance. Record keeping is not limited to the business world alone we live in era of accountability, where an individual must renders accounts for his income and must file income tax returns. Normally an individual must supply person to obtain credit etc. The primary purpose of record keeping is to provide decision makers with information in making economic decision. This is seen through the preparation of financial statement such as profit and loss accounts, balance sheet and cash flow statement in conformance with acceptable standards. Record keeping also seeks to identify all the cost components involved in manufacturing a product as well as determine the cost per unit of the product. It also concentrates on the general purpose of the finance reports, by showing the financial reports of the business. Mohammed A. Aziz student of Islamic University college,Ghana
Accounting Equation is under all circumstances. Justify this statement with the help of five illustrations?
"Accounting Equation is true under all circumstances." Justify this statement with the help of five illustrations.
Cost accounting helps a company know how much an item cost a company. The company can then add the cost they need to make to the product, usually done as a percentage.
If you receive monthly text messages from MetroPCS reminding you to pay your bill, you will find your account number within the message. Also, you can call one of MetroPCS's r…etail locations and they will give it to you.
Balance of payment
It can calculate numbers and set out tables and graphs
The right accountant can make or brake your business. Every business needs strong support of good accounting help. In fact, the accounting department is one of the most …important areas of the company. Most successful businesses know the value of outsourcing some or all of their accounting needs. From a financial point, the business owner knows that the cost paid to an outsource accountant will always be less than the salaries of your in house accountant department. Business owners should look for experienced accountants in their specific industry - property management, retail, distribution? Are they also experienced with your software - QuickBooks, Netsuite? It may take some looking but the right outsource accountant can be a long member of your team. Cherilyn Collins YourAccountingDepartment.com
No, WikiAnswers answers questions, it does not provide an accounting service.
What is accounting the characteristics of goodwill explain capitalization of profit method with the help of imaginary illustration?
It's difficult to place the exact value on goodwill and it will always involve expert judgement.