For example, if a opening balance equity new owner invests cash into the company, the cash account is debited, and the Opening Balance Equity account is credited for the same amount. In some cases, a business might have a negative opening balance, indicating more liabilities than assets. To address this, businesses can implement strategies such […]
Category Archives: Bookkeeping
Bookkeepers manage payments to subcontractors, ensuring that invoices are processed and paid on time. They also ensure proper documentation of these transactions, such as 1099 forms for independent contractors, which helps avoid payment disputes and keeps the project moving smoothly. Levelset is an excellent choice for construction businesses that need detailed payment management and want […]