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.
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Accounting Tips, Training, and News
Activity-based Costing (ABC) System: Finding Where Your Money Goes
July 5, 2024Not sure what activities your overhead costs are going towards? With activity-based costing, product-focused businesses can get into the nitty-gritty details to better allocate expenses. That means you can more accurately analyze your spending and price your products.
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How to Post Journal Entries to the General Ledger
July 5, 2024As 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.
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How to Use Business Bank Statements [+ Example]
June 5, 2024If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances.
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What Is Adjusted Gross Income? How to Calculate AGI [With an Example]
June 5, 2024As a small business owner, you have likely heard of the terms gross or net income. But, are you familiar with adjusted gross income? Learn what is adjusted gross income, how to calculate it, and uses for adjusted gross income below.
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Trade Name vs. Business Name: Do You Know the Difference?
June 5, 2024One 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.
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Examples of Contingent Liabilities Your Small Business May Need to Record
May 21, 2024You probably know your company’s liabilities, aka debts your business owes. But how often do you think about liabilities that you may or may not have, depending on the outcome of a future event?
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Assets vs. Liabilities: The Complete Breakdown
May 8, 2024If you’re like many business owners, you know that you have to handle certain tasks, like purchasing items, taking on debt, or putting your own money into your business, to get your venture up and running. And when your company processes any type of transaction, whether it’s debt, purchases, etc., you have to record it […]
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Real Accounts: What to Know About These Permanent Accounts
May 8, 2024In accounting, you deal with a variety of accounts to balance and organize your books. One type of account you will likely run into is a real account.
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How to Calculate Total Revenue in Accounting [With Examples]
May 8, 2024Keeping an eye on your business’s finances is oh-so-important if you want your company to thrive and grow. This includes monitoring your financial statements and calculating financial figures, such as total revenue. Get the lowdown on how to calculate total revenue and ways to use it to benefit your business.
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