Bookkeeping

By the end of this guide, you will have a solid understanding of CIP and its significance in financial reporting. Normally, upon completion, a CIP item is reclassified, and the reclassified asset is capitalized and depreciated. When the project is what is cip in accounting complete, transfer the CIP balance to a fixed asset account […]

When you are shipping loose cargo (ie, not a full container), for example, your goods must go through a Container Freight Station (CFS) to be consolidated into a container. This guide cuts through the legal jargon and explains everything you need to know about this common incoterm in plain English. This means that no matter where

“Prepaid” means the seller has paid the freight; “collect” indicates the buyer is responsible for payment. Under FOB terms, the division of responsibilities—covering costs, handling losses, or managing damages—is clearly outlined in the sale contract or purchase order. This ensures both parties know exactly what they’re accountable for from the moment the goods are shipped