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#bookkeeping

Bookkeeping

Modern bookkeeping techniques using plain-text and automated workflows

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11 min read

ASC 250 for Small Businesses: When to Restate, Catch Up, or Change an Estimate

ASC 250 sorts every accounting change into one of three treatments — a change in principle applies retrospectively, a change in estimate applies prospectively, and an error correction depends on materiality, from a Big R restatement to a little r revision. This guide shows small businesses how to classify each event, weigh quantitative and qualitative materiality, and document the decision in an auditable close workflow.

Mike Thrift

accountingsmall-businessfinancial-reporting
11 min read

AWS Marketplace Seller Bookkeeping: Reconcile Gross Revenue, Listing Fees, Taxes, Refunds, and Delayed Disbursements by Offer

How AWS Marketplace sellers can keep deposits from masquerading as revenue — book gross billings at the transaction level, record listing fees separately, classify the three tax-share scenarios, reverse refunds against the original offer, and reconcile net disbursements to the bank using clearing accounts, offer IDs, and bank trace IDs.

Mike Thrift

bookkeepingreconciliationsaas
12 min read

Feed Mill Bookkeeping: How to Account for Custom Grinding, Blending, and Ingredient Inventory

A feed mill's books must separate customer-owned grain from mill-owned inventory, record custom-grind fees as service revenue rather than inflated purchases and sales, cost each batch from ingredient lots through COGS, and make shrink and moisture variances visible — this guide walks through the ownership test, four revenue streams, lot-level inventory records, and a 10-step month-end close.

Mike Thrift

agriculturebookkeepinginventory
11 min read

Freelance Translator and Interpreter Bookkeeping: Reconcile Every Word, Hour, Currency, and Agency Cut

A bookkeeping system for freelance translators and interpreters that tracks per-word, hourly, and project income separately, reconciles agency statements from gross invoice to net deposit, records foreign-currency receipts at documented exchange rates per IRS rules, and measures effective hourly rates — with a chart of accounts and monthly close checklist.

Mike Thrift

bookkeepingfreelanceself-employment
12 min read

Holiday Light Installation Bookkeeping: Make Six Busy Weeks Fund the Whole Year

A holiday light installation business can collect most of its annual cash in six weeks and still run dry by August. This guide builds the bookkeeping system that prevents it — a 12-month cash forecast with three scenarios, job-level costing, customer deposits held as liabilities until earned, an asset register for reusable lights, mileage and labor records, and a daily-weekly-monthly close routine that survives the rush.

Mike Thrift

bookkeepingseasonal-businesscash-flow
11 min read

IFRS for SMEs Third Edition: What Changes Before 1 January 2027

The IASB's third edition of the IFRS for SMEs Accounting Standard, issued February 2025, takes effect for annual periods beginning on or after 1 January 2027. It rewrites revenue recognition on a simplified IFRS 15 model, moves business combinations to the acquisition method, consolidates financial instruments, adds a dedicated fair value section, and adopts a single control model—while deferring IFRS 16 leases and expected credit losses. This guide covers scope, the key section changes, and a five-step 2026 implementation plan.

Mike Thrift

accountingfinancial-reportingfinancial-statements
11 min read

When a Multi-Year SaaS Discount Hides a Financing Component Under ASC 606

A multi-year SaaS prepayment discount can contain a significant financing component under ASC 606-10-32-15 through 32-20, changing the transaction price, interest presentation, and disclosures. This guide walks through a five-step contract review — service-transfer mapping, the narrower-than-it-sounds one-year practical expedient, cash selling price evidence, and locking the discount rate at inception — plus bookkeeping controls that keep cash, deferred revenue, and financing effects separate.

Mike Thrift

revenue-recognitionsaasaccounting
11 min read

Real-Time Settlement and Instant Payment Accounting: How FedNow and ISO 20022 Change Bank Reconciliation

FedNow and the RTP network settle payments 24/7, so a bank balance can change before your books do. How to reconcile instant payments with a five-state payment lifecycle (approved, submitted, accepted, settled, returned), a clearing-account chart-of-accounts pattern, ISO 20022 identifiers worth preserving, and a 30-day rollout plan for small businesses.

Mike Thrift

paymentsbankingreconciliation
12 min read

SBA VetCert in 2026: How VOSB and SDVOSB Certification Works After the VA Handoff

SBA's VetCert program took over veteran business certification from the VA on January 1, 2023. This guide explains the VOSB vs SDVOSB distinction, the 51% direct ownership and control tests, the documents to prepare before applying through MySBA Certifications, SBA's 30-day average review target, the three-year certification term with a 120-day recertification window, and the bookkeeping records that make an eligibility review easier to pass.

Mike Thrift

sbagovernment-contractingsmall-business
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