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Do you put an independent contractor as an expense or income in the general ledger?
An independent contractor is classified as an expense in the general ledger. When you pay an independent contractor for their services, you record the payment as an expense, typically under a category such as "Contract Labor" or "Professional Services." This reflects the cost of the services provided, which reduces your net income. Income, on the other hand, refers to revenue generated from your business activities.
What financial services are offered by IBM Global Expense Reporting Solutions?
IBM Global Expense Reporting Solutions (GERS) offers web-based services that better allow employers/business to track their employees travel and expense costs.
Where can one find expense reporting software?
You can buy expense reporting software from online stores or directly from the supplier. If you prefer the hands on approach, you can visit stores like walmart or staples.
In which manner is expense data usually reported?
Expense data is usually reported with expense reporting software. The actual setup depends on the company and the type of expense data being collected.
What is a role of a Subcontractor?
Generally the subcontractor will either relieve the main contractor of part of the building work, or will be able to perform work at lower expense or at a greater skill level than the general contractor could.
When to remove bad debt expense?
The bad debt expense is generally removed at the end of the financial year, as it may classify as a deductible item when reporting tax at the end of the financial year.
Is daycare considered a business expense?
Yes, daycare can be considered a business expense if it is necessary for the parent to work or conduct business activities. This expense may be eligible for tax deductions or reimbursement through employer-provided benefits.
What are construction?
Construction cost is expense incurred by a contractor for labor, material, equipment, financing, services, utilities, etc., plus overhead and contractor's profit. Costs such as that of land, architectural design, consultant and engineer's fee are not construction costs.
Is it possible for daycare expenses to be considered a business expense?
Yes, daycare expenses can be considered a business expense if they are incurred for the purpose of enabling a parent or guardian to work or conduct business.
What are construction costs?
Construction cost is expense incurred by a contractor for labor, material, equipment, financing, services, utilities, etc., plus overhead and contractor's profit. Costs such as that of land, architectural design, consultant and engineer's fee are not construction costs.
Is recording an annual depreciation expense an accrued expense?
Yes. Annual depreciation is the method by which we allocate the cost of a tangible asset over the course of its useful life independent of the cash flows associated with it. As a result, it is considered an accrued expense.
Are Amounts to be paid in 10 days to suppliers an expense?
Yes. Because it includes the cost of consumable used during a reporting period.
