Categoría: Bookkeeping

The two kinds of financial institutions in the ACH network are ODFIs (Originating Depository Financial Institution) and RDFIs (Receiving Depository Financial Institutions). An ACH credit refers to the process of electronically depositing, or “pushing,” funds into a bank account using ACH. Returns in general have specific timeframes when they must be received depending on the…

That leaves contractors and construction accountants with a choice of revenue recognition method. In construction accounting, the main options have traditionally included cash-basis, completed contract, and percentage of completion. However, contractors now have to consider guidance from the new ASC 606 revenue recognition standards with their construction CPA. The Foundation for Construction Accounting You can…