Your business’s general ledger plays a significant role in forecasting the financial health of your company. But if you’re slacking on your general ledger entries, your business could suffer the consequences.
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General Ledger - Tips, Training, and News
Do You Know How Temporary vs. Permanent Accounts Differ?
As a business owner, you are likely familiar with certain accounting accounts, like your assets or expense accounts. But did you know that each account can also be labeled as a permanent or temporary account?
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The Matching Principle in Accounting: How a Debit and Credit Fall in Love
If you’ve ever sent an invoice to someone who planned to pay later, you’re probably using accrual accounting. It can be hard to keep track of finances when you’ve accrued payables and liabilities. But, using the matching principle can help you stay organized. The matching principle in accounting states that you must report expenses in […]
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Setting up an Accounting System: Crunching the Numbers
Software is a popular type of accounting system you can use to streamline your bookkeeping process. Depending on the software you choose, you can save your time and money and focus on what matters—running your business. But first, you need to know about accounting software setup. Lucky for you, our guide makes setting up accounting […]
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What Is Bookkeeping? The Truth Is in the Numbers
Whenever you make a sale or purchase, the amount of money your business has will change. Keeping track of your business’s financial transactions is key to your business’s future. Luckily, those sales and purchases create documents such as invoices and receipts. Bookkeeping tracks your finances through the documentation that your business creates on a day-to-day […]
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Error of Omission: Getting to Know This Common Accounting Mistake
Your business lives and dies by your ability to buy and sell products on a competitive margin. But, you may take for granted why bookkeeping is important to the health of your business. Several mistakes—like errors of omission—can get in the way of keeping accurate books
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What Is a Nominal Account? [Definition + Examples]
Accounting deals with many different types of accounts. One account you may stumble across in your accounting journey for your business is a nominal account. But, what are nominal accounts?
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Bank Statement Reconciliation: Let’s Get Reconciling
Your books say one thing, but your bank statement says another. Sigh (why isn’t anything ever easy?!). But don’t stress—bank statement reconciliation is here to help.
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A Comprehensive Bookkeeping Clean-Up Checklist: Master Your Books
Spring cleaning is a staple in households for a reason. Over time, things get pretty messy—especially when you’re busy. And in business, the same thing can happen to your accounting books. Do your books need tidying up? Use our bookkeeping clean-up checklist to get started.
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What Is Notes Payable, and How Do You Record Them in Your Books?
At some point or another, you may turn to a lender to borrow funds and need to eventually repay them. And when that happens, notes payable come into play. Learn all about notes payable in accounting and recording notes payable in your business’s books.
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