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Beginning in 2024, those with principal loan balances of $12,000 or less can have remaining balances forgiven after just 10 years of payments on the SAVE plan. You’ll need to make payments for an additional year for every $1,000 you borrowed above $12,000 up to 20 or 25 years, depending on the degree. Once that…

If the preceding example had a maturity date at other than the December 31 year-end, the $1,000 of total interest expense would need to be recorded partially in one period and partially in another. Discount amortization transfers the discount to interest expense over the life of the loan. This means that the $1,000 discount should…

Create a blueprint of your modern Finance vision and strategy that will transform your people, processes and technology aimed at helping to cut costs, and improve operational effectiveness and capabilities. Advanced technology has made it possible to position your finance function to add more value by delivering insight, transparency and risk controls in a cost…

Recording transactions this way provides you with a detailed, comprehensive view of your financials—one that you couldn’t get using simpler systems like single-entry. If you’re not sure which accounting software application is right for your business, be sure to check out The Ascent’s in-depth accounting software reviews. This is how you would record your coffee…