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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Journal Entries - Tips, Training, and News
Getting New Equipment? You’ll Need to Make a Purchase of Equipment Journal Entry
June 4, 2021You probably depend on equipment to run your business. Computers, cars, and copy machines are just some of the must-have company assets you use. When it’s time to buy new equipment, know how to account for it in your books with a purchase of equipment journal entry.
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How to Record Inventory Journal Entries
December 29, 2020If you sell products at your business, you likely have some form of inventory. Knowing how much inventory you have on hand, as well as how much you need to have in stock, is a crucial part of running your business. To help keep track of inventory, you need to learn how to record inventory […]
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How to Record Sales Returns and Allowances
November 24, 2020‘Tis the season for purchase returns … all year long. Because if you sell products at your business, you know that not all customers are satisfied. If a customer wants to bring back an item, you need to make sales returns and allowances journal entries.
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What Is Accumulated Depreciation, and How Does it Impact Your Assets’ Value?
November 5, 2020As a business owner, you can look to your balance sheet for answers to questions about your business’s financial health. One thing you may keep track of on your balance sheet is accumulated depreciation. But, what is accumulated depreciation?
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The Basics of Accrued Liabilities in Business
October 29, 2020If you want to keep your business running, you need to fork over some cash to buy goods and services. And sometimes, you might use credit to make these purchases, resulting in accrued liabilities.
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How to Record Accrued Interest in Your Books
May 28, 2020If you’ve taken out a business loan or line of credit, you’re aware that interest accrues on the borrowed amount. But, do you know how to record accrued interest in your books?
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Getting Started With Simple Journal Entries
April 30, 2020Let’s face it: accounting is confusing. There are so many rules to follow and calculations to do. But, it’s one of those things you have to do for the sake of your business. So instead of diving straight into the complicated stuff, start slowly with simple journal entries.
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