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.
Read More Intro to Double-entry Accounting: Your Pain-free GuideJournal Entries Articles
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How to Record Sales Returns and Allowances
‘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.
Read More How to Record Sales Returns and AllowancesWhat Is Accumulated Depreciation, and How Does it Impact Your Assets’ Value?
As 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?
Read More What Is Accumulated Depreciation, and How Does it Impact Your Assets’ Value?The Basics of Accrued Liabilities in Business
If 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.
Read More The Basics of Accrued Liabilities in BusinessHow to Record Accrued Interest in Your Books
If 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?
Read More How to Record Accrued Interest in Your BooksHow to Make a Sales Journal Entry in Your Books
Ten out of 10 businesses sell products or services. And when you make a sale, you need to record the transaction in your accounting books. How comfortable are you with making a sales journal entry?
Read More How to Make a Sales Journal Entry in Your BooksGetting Started With Simple Journal Entries
Let’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.
Read More Getting Started With Simple Journal EntriesTransposition 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.
Read More Transposition Error, the Little Mistake That Causes Big Problems