Content Single Entry System Definition Resources for Your Growing Business How Transactions Are Recorded Examples of Double Entry Bookkeeping What are the top 10 features of bookkeeping? An example of a double-entry transaction would be, that Mr X has purchased goods of Rs. 50,000 for cash from ABC Corp. On one hand, he has received…

Here’s what you need to know about net income and why businesses and individuals pay close attention to it. For instance, gross profit refers to revenue minus the cost of goods sold, while operating profit refers to revenue minus operating costs. Companies often use an income statement, which typically shows all income and expenses. The…

Small business accounting software can generate them, but you may need an accounting professional to analyze them to tell you in concrete terms what they mean for your company. Zoho Books is the small business accounting element of Zoho's ecosystem of productivity applications. Your accounting data can be tightly integrated with numerous related apps and…

The booklet contains a series of custom fields you may want to use for different purposes. Some of these could be the transaction date, item description, date of purchase, the amount paid, and the purchaser. You can edit these to suit your own needs. This allows businesses to have unique formats for their receipts that…

The Bookkeeper Launch is an in-depth bookkeeping course that teaches you all the skills you need to become a successful bookkeeper. Having your own business, you can set your own rate, which can be higher (but keep in mind what other bookkeepers charge their clients so you don’t scare away potential clients). How long it…

Debt is typically in the form of money, that is due or owed. However, in day-to-day accounting vocabulary, a “debt” may be referred to as long-term debt i.e. an obligation that is payable beyond 12 months. An outstanding expense is one that has been incurred but has not yet been paid. Despite the fact that…

Small businesses looking for the easiest approach might choose straight-line depreciation, which simply calculates the projected average yearly depreciation of an asset over its lifespan. Since different assets depreciate in different ways, there are other ways to calculate it. Declining balance depreciation allows companies to take larger deductions during the earlier years of an assets…

Content Why bookkeeping is important to your law practice? Easily Pay Your Contractors Using Gusto Law Firm Accounting 101 Choose Your Firm's Size Step 7: Accurately Maintain IOLTA (Trust) Bookkeeping Accounting and Practice Management Software Top Tax Deductions for Lawyers and Law Firms As a secondary layer of reconciliation, you’ll also need to make sure…

Content Plus: How to apply the accounting number format in Excel Plot data with Microsoft Excel's REPT & COUNTIF tools Use the PERCENTILE.EXC function in MS Excel 2010 Use nested IF statements in Microsoft Office Excel Zebra BI: The Ultimate Tool for Visualizing Your Financial Statement Analysis in Excel How Excel accounting works for bookkeeping…

Another way to earn a profit from gain is to simply hold on to an asset and expect it to increase in price over time. Income is referred to as the company’s bottom line because it provides a full picture of cash flow. It is likely that the term “bottom line” was coined as a…