If a temporary difference causes pretax book income to be higher than actual taxable income, then a deferred tax liability is created. This is because the company has now earned more revenue in its book than it has recorded on …
Larger companies even employ dedicated Accounts Receivable bookkeepers (for the customer side) or Accounts Payable bookkeepers (for the vendor side). As a bookkeeper, you need to make sure that every transaction has a receipt so that no money is being …