Bookkeeping

So the ocean freight transportation, the unloading of goods and inland transportation from the buyer’s port to his place is carried out by him. In FOB, the custom clearance responsibility for the seller involves export proceedings from the place of origin to the delivery harbor. And since the obligation of the seller is only till the port, the export customs…

Implementing inventory management techniques, such as just-in-time (JIT) inventory, can help reduce excess inventory and improve cash flow. By the end of the forecast period, the company’s working capital cycle decreased how to calculate changes in working capital by 14 days, from 60 days to 46 days in Years 1 and 5, respectively. For the most part, a shorter working…

As these times are closely related to the "purchases and trade payables", students often confuse and record them in the P L Control Account. An example of a purchases ledger control account including interest charged by suppliers for late payment and contra set-offs shown in blue, is given below. A sales ledger includes an account for each customer, the same…

This single term has far-reaching implications on freight charges, shipping documents, and even payment terms, affecting every facet of the shipping process. Whether you’re a buyer puzzled by freight charges or a seller navigating the shipping process, understanding the term fob shipping point FOB, or “Free on Board,” is crucial. In the intricate realm of the shipping industry, FOB is…

If you’re ready to take bookkeeping off your plate and delegate this task to someone else, it can be hard to know where to look. Start by reaching out to other business owners for recommendations, searching online for providers and checking out reviews on Google or Yelp. If you don’t feel comfortable with a freelancer, there are many firms that…