As your small business begins to make transactions, you must record them in your books. If you want an “easy” way to track business finances, you may consider using single-entry bookkeeping instead of double-entry bookkeeping.
Read More Single-entry Bookkeeping: Should You Use It?Amanda Cameron
Suspense Account in Balance Sheet: Use for Questionable Transactions
Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries.
Read More Suspense Account in Balance Sheet: Use for Questionable TransactionsHow to Post Journal Entries to the General Ledger
As a business owner, you juggle a number of tasks, including accounting. You’re responsible for creating journal entries after every transaction. But that’s not all. You also need to know how to post journal entries to the general ledger. Learn how here.
Read More How to Post Journal Entries to the General LedgerTrade Name vs. Business Name: Do You Know the Difference?
One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business names vs. trade names and how they contrast.
Read More Trade Name vs. Business Name: Do You Know the Difference?Debits and Credits 101: Definitions & Example
In accounting, there’s one thing you can’t ignore: how debits and credits work. To keep accurate books, learn and understand the difference between credit vs. debit.
Read More Debits and Credits 101: Definitions & ExampleHow to Fill Out a 1099-MISC Form: 1099-MISC Instructions [The Ultimate Guide]
How do you fill out the most recent version of the 1099-MISC form? Learn how to fill out Form 1099-MISC and where to send completed forms.
Read More How to Fill Out a 1099-MISC Form: 1099-MISC Instructions [The Ultimate Guide]How to Create a Prepaid Expenses Journal Entry
Do you ever pay for business goods and services before you use them? If so, these types of prepaid expenses require special attention in your books. You need to create a prepaid expenses journal entry.
Read More How to Create a Prepaid Expenses Journal EntryMargin vs. Markup: Chart, Infographic, & More
Business owners often confuse margin and markup. After all, they both deal with sales, help you set prices, and measure productivity. But, there’s a key difference between margin vs. markup—and knowing this difference is how you can set prices that lead to profits.
Read More Margin vs. Markup: Chart, Infographic, & MoreHow to Start a Small Business: The Only Guide You Need [+ Checklist]
You have a million-dollar business idea. And after weeks, months, or even years of thinking about it, you decide to make your idea a reality. Do you know how to start a small business?
Read More How to Start a Small Business: The Only Guide You Need [+ Checklist]Ready, Set, Go! Mark Your Calendars With Sales Tax Holiday Dates
For business owners in most states, collecting and remitting sales tax is part of the job description. But on select dates throughout the year, your customers can take advantage of a sales tax holiday.
Read More Ready, Set, Go! Mark Your Calendars With Sales Tax Holiday Dates