Difference Between Branch Code, IFSC Code and MICR Code

by | Aug 21, 2024 | Bookkeeping |

In the image above it is shown in red at the bottom of the cheque. Indian Financial System Code or IFSC is used for fund transfers while Magnetic Ink Recognition (MICR) is used to process and clear cheques. On the other hand, branch code is simply used...

How to Calculate Retained Earnings on A Balance Sheet

by | Jul 5, 2024 | Bookkeeping |

After the accounting period ends, the company’s board of directors decides to pay out $20,000 in dividends to shareholders. You’ll want to find the financial statements section of a company’s annual report in order to find a company’s retained earnings balance...