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 TransactionsAccounting Articles
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.
Read More Activity-based Costing (ABC) System: Finding Where Your Money Goes
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.
Read More How to Post Journal Entries to the General Ledger
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.
Read More Trade Name vs. Business Name: Do You Know the Difference?
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?
Read More Examples of Contingent Liabilities Your Small Business May Need to Record
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 […]
Read More Assets vs. Liabilities: The Complete Breakdown
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.
Read More Real Accounts: What to Know About These Permanent Accounts
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.
Read More How to Calculate Total Revenue in Accounting [With Examples]
How to Manage and Record Cash Receipts in Your Small Business
May 6, 2024If you’re a small business owner, you likely receive cash payments from your customers. And if you receive cash payments, you need to know about recording cash receipts in your books. So, how do you record cash receipts?
Read More How to Manage and Record Cash Receipts in Your Small Business
How to Create a Prepaid Expenses Journal Entry
May 6, 2024Do 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 Entry