by Small Business Accounting Software | Nov 28, 2025 | Terminologies
A list of all ledger accounts and their balances at a given time. It ensures total debits equal total credits. Used as a preliminary check before preparing financial statements.
by Small Business Accounting Software | Nov 26, 2025 | Terminologies
Shows changes in equity during a period, including investments, withdrawals, and retained earnings. It links the income statement and balance sheet. Useful in sole proprietorships and partnerships.
by Small Business Accounting Software | Nov 25, 2025 | Chart of Accounts, Expenses, Terminologies
Shipping or courier costs for delivering goods to customers. Treated as a selling expense, not part of inventory. Essential for e-commerce and retail operations.
by Small Business Accounting Software | Nov 22, 2025 | Chart of Accounts, Terminologies
A long-term liability secured by real property. Payments typically include both principal and interest. Often broken into current and long-term portions.
by Small Business Accounting Software | Nov 20, 2025 | Terminologies
Journal entries made at the end of an accounting period to reset temporary accounts (revenues, expenses, drawings) to zero. Their balances transfer to permanent accounts like capital or retained earnings. This prepares books for the next cycle.
