This includes setting up the correct chart of accounts and linking the accounts to the appropriate transactions. If you don’t do this, your bookkeeping will be inaccurate, catch up bookkeeping and it will be difficult to track your finances. Adjusting entries can be a little more technical than what most small business owners should be […]
Sales may be recorded on the income statement as gross sales; and after sales returns and allowances are deducted from it, the result shows the net sales figure. Note that in accounting, sales and revenue are used interchangeably to mean the same thing. When a sale is quantified into a monetary amount, it is positioned […]
The short-term debt liability represents the total sum of debt payments owed within the next year. This short-term debt value is often compared to long-term debt when analyzing a company’s financial position. Well-managed companies attempt to keep accounts payable high enough https://www.bookstime.com/ to cover all existing inventory. A percentage of the sale is charged to the […]