Category Archives: Bookkeeping

Difference Between Journal and Ledger Accoutning

In other words, the journal is the day-to-day record of business transactions in chronological order, [...]

Master Budgeting Explained: Component, Examples, and How to Prepare

Flexible budgets are useful to have when sales exceed (or underperform) expectations. The selling and [...]

LIFO reserve explanation and example

It directly impacts the various financial ratios that various stakeholders use in analyzing the performance [...]

Chart of Accounts Definition, How to Set Up, Categories

While it is possible under certain circumstances, it typically involves a series of steps and [...]

Escrow Accounts, Iola and Ethics New York State Bar Association

In essence, trust accounts are more than just a banking requirement—they are a fundamental part [...]

Recording Inventory Journal Entries in Your Books Examples

When the company later receives payment from the customer, it decreases (credits) Accounts Receivable and [...]

What the Percent of Sales Method Is and How To Use It

It’s an unfortunate truth in business that not all your clients will pay their bills. [...]

Effective Grant Management and Proper Accounting Procedures for Nonprofits

The nonprofit’s accounting staff must be knowledgeable, capable and trained to code grant-related expenditures. Their [...]

What is a general ledger account?

A control account operates the same as general ledger account but you record only the [...]

Assets, Liabilities, and Equity Accounting With Rentec Direct Video Walk-Through

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