by admin | Jul 27, 2023 | Bookkeeping
An invoice is an itemized list that records the products or services you provided to your customers, the total amount due, and a method for them to pay you for those items or services. If you use Square Invoices, you can filter and view invoices in your Square...
by admin | Jul 18, 2023 | Bookkeeping
This concept better represents the financial condition of a business than does the cash basis of accounting. Under the accrual basis of accounting, a business recognizes revenue when earned and expenses when expenditures are consumed. This approach requires a greater...
by admin | Aug 6, 2021 | Bookkeeping
You apply write-offs when calculating your profit for the year on your taxes. Different entities calculate their income and losses using different forms based on their specific type of business, but all need to make a basic reporting of how much money they took in and...
by admin | Jul 29, 2021 | Bookkeeping
While this doesn’t change anything about the word, it will help expand your global understanding of the English language and its vernacular. As with ‘borrow’, you don’t usually talk about lending things that can’t move. Again, you would use the verb ‘use’ instead.She...
by admin | Apr 9, 2021 | Bookkeeping
Let’s say a company has five salaried employees, each earning $2,500 per month. In our example, assume that they do not get paid for this work until the first of the next month. Previously unrecorded service revenue can arise when a company provides a service but did...
by admin | Apr 6, 2021 | Bookkeeping
Once all the temporary accounts are closed, the balance in the income summary account should be equal to the net income of the company for the year. Since dividend and withdrawal accounts are not income statement accounts, they do not typically use the income summary...
