If a contra account is not used, it can be difficult to determine historical costs, which can make tax preparation more difficult and time-consuming. In order to balance the journal entry, a debit will be made to the bad debt expense for $4,000. Although the accounts receivable is not due in September, the company still […]
Managing your stress can help you prevent burnout, improve your mental and physical health, and enhance your performance and productivity. If you work in sales, you know that commission income can be a double-edged sword. On one hand, it can motivate you to perform better and reward you for your results. On the other hand, […]
Of course, most businesses will always rely on some level of paper storage, but Cloud accounting can at least help you reduce it. I’ll help you overcome challenges, answer your questions, and show you new ways QuickBooks® can save time and support your business even further. Trolley, formerly known as Payment Rails, is a payouts […]
Before you decide to set up another account, ask yourself whether you can track this item another way. For example, a service industry might have a lot of different projects for the same customer. Instead of creating another account you may want to construct subaccounts or a separate job for each project. As your business […]
In fact, some of the most important financial reports — the balance sheet and income statement — are generated based on data from the chart of accounts’ main accounts. The chart of accounts is a tool that lists all the financial accounts included in the financial statements of a company. It provides a way to […]
Then we produce the trial balance by listing each closing balance from the ledger accounts as either a debit or a credit balance. We need to work out the balance on each of these accounts in order to compile the trial balance. Similarly, a closing balance for a ledger account does not always get carried […]