by Small Business Accounting Software | Jul 25, 2026 | Terminologies
A tax on specific goods such as alcohol, fuel, or tobacco. Usually included in the product price. Requires careful compliance and reporting.
by Small Business Accounting Software | Jul 24, 2026 | Assets, Chart of Accounts, Terminologies
Assets held for more than a year, such as stocks, bonds, or real estate. They are not intended for quick liquidation. Used for strategic growth or income generation.
by Small Business Accounting Software | Jul 24, 2026 | Terminologies
An organized listing of all account names and numbers a business uses to record financial transactions. It serves as a framework for classifying assets, liabilities, equity, revenues, and expenses. The COA keeps financial data consistent and structured across...
by Small Business Accounting Software | Jul 22, 2026 | Chart of Accounts, Terminologies
Amounts withheld from employee wages (like taxes or retirement contributions) that must be remitted. It ensures accurate compliance with payroll regulations. Cleared once payments are made.
by Small Business Accounting Software | Jul 21, 2026 | Accounting Proram, Terminologies
Software installed directly on a company’s local computers or servers. Provides more direct control over data and security but requires manual updates and maintenance. Common for businesses that prefer internal hosting.
by Small Business Accounting Software | Jul 18, 2026 | Terminologies
An accounting method where every transaction affects at least two accounts, with equal debits and credits. This system ensures the accounting equation (Assets = Liabilities + Equity) always remains balanced. It is the global standard for accurate accounting.
by Small Business Accounting Software | Jul 17, 2026 | Assets, Chart of Accounts, Terminologies
The cost of obtaining the right to operate under a franchise brand. Provides access to trademarks, business models, and marketing support. Amortized over the agreement term.
by Small Business Accounting Software | Jul 16, 2026 | Assets, Chart of Accounts, Terminologies
A contra-asset account estimating the portion of receivables unlikely to be collected. It aligns revenues with probable losses. It prevents overstating assets in financial reports.
by Small Business Accounting Software | Jul 11, 2026 | Terminologies
A collection of all accounts that summarizes transactions from journals. It is often referred to as the “book of final entry.” The general ledger provides the basis for financial statements.
by Small Business Accounting Software | Jul 8, 2026 | Chart of Accounts, Expenses, Terminologies
Covers software subscriptions, licenses, and IT support services. Increasingly significant due to digital transformation. Treated as recurring operating costs.
by Small Business Accounting Software | Jul 7, 2026 | Chart of Accounts, Expenses, Terminologies
Payments for maintaining cleanliness of offices or facilities. Necessary for workplace safety and comfort. Often outsourced to contractors.
by Small Business Accounting Software | Jul 2, 2026 | Terminologies
Supplementary explanations accompanying financial statements. They provide details about accounting policies, assumptions, or contingent liabilities. They ensure transparency and compliance with accounting standards.
