It’s worth doing if you think bookkeeping is the career for you. New hire reporting is the very first step in the payroll process. All employees need to be properly registered with theIRSand Social Security Administration to ensure proper withholding of payroll taxes.
So, even though you received an invoice in January, you’d record the expense as a cash transaction in February, on the date that it was paid. Both the single-entry and double-entry methods can work in tandem with cash or accrual bookkeeping.
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