Bookkeeping

Since your company did not yet pay its employees, the Cash account is not credited, instead, the credit is recorded in the liability account Wages Payable. In business, making sure debits and credits in journal entries match is vital for clear financial reports. This affects how a company makes money and manages its spending, which […]

Whether you’re making a sale, paying bills, or transferring money between bank accounts, bookkeeping keeps track of every financial move. That’s why QuickBooks integrates with apps that you can rely on to get things done. Customise QuickBooks with a variety of apps including eCommerce, time tracking, inventory management, and payment processing. Undoubtedly, QuickBooks is a

Visit the Xero App Store to find and try apps that suit your business’s specific needs. Discover the right apps for you, built by experts to address your specific industry and functional needs. Get your data flowing between Xero and other software to gain a more complete view of your business. How do I use

In the early stages of business, the net income equation may demonstrate a net loss. Becoming profitable or establishing a positive net income should be the goal of every small business. Each example shows how different transactions affect the accounting equations. If the total liabilities calculated equals the difference between assets and equity then an

It also encompasses creating and managing budgets, producing financial reports, and managing payroll. In other industries, it is allowed to keep clients’ prepayments in your operating account and use the money to fund client projects. But legal bookkeeping and accounting in law firms are different than for other businesses. Your client trust accounts are required

If you have less than $10,000 in back taxes, we have forwarded your info to our trusted partner that specializes in resolving smaller tax liabilities. Understanding the difference between gross and net income can alleviate a lot of stress when it comes to financial planning. Earnings are used in many financial metrics such as return