If you’re not an accountant, the accounting information you need to know can feel daunting. But, buckle up because there’s another tool you need to understand: clearing accounts. What are clearing accounts? Do you need to use them? What do they do? Clear up your schedule for a few minutes to learn all about clearing […]
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The Math Behind the Accounting Equation
Accounting is an essential part of running a business. But, that does not mean you have to be an accountant to understand the basics. Part of the basics is looking at how you pay for your assets—financed with debt or paid for with capital. Use the accounting equation to see the difference. What is the […]
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General Ledger vs. Trial Balance: What’s the Difference?
Running a business means juggling a variety of financial reports, like your company’s trial balance and general ledger. With so many reports to look through, you may be asking yourself, What do these reports mean, and how do I use them? Take a look at the difference between general ledger vs. trial balance and how […]
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What Is a Chart of Accounts?
You know what they say, “For every minute spent organizing, an hour is earned.” And when it comes to accounting, taking time to get organized can save you a number of hours later … not to mention, money. That’s why you need your trusted organizational accounting tool, aka your chart of accounts (COA). What is […]
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How in the World Do You 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.
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Memorize These Types of Accounts in Accounting
You’ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting.
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The Basics of Payroll Accounting: How to Record Payroll Entries in Your Books
If you’re an employer, you can’t just be on your merry way after paying your employees. You also need to account for payroll expenses in your books. This is where payroll accounting comes into play. To ensure your accounting books are accurate, learn how to record payroll transactions.
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Intro to Double-entry Accounting: Your Pain-free Guide
Recording transactions and keeping financial records are an essential part of owning a business. One way you can keep track of your finances is by using double-entry accounting. Read on to learn what is double-entry accounting and how it can benefit your books.
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Transposition Error, the Little Mistake That Causes Big Problems
Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake that’s easy to make is a transposition error. Read on to learn what is transposition error and how it can affect your accounting books.
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