by Small Business Accounting Software | Nov 10, 2025 | Chart of Accounts, Terminologies
Earnings from facilitating sales or services on behalf of others, such as real estate agents or brokers. Typically a percentage of transaction value. Recorded when earned.
by Small Business Accounting Software | Nov 9, 2025 | Terminologies
The estimated selling price of inventory minus costs of completion and selling. Ensures inventory is not overstated. A conservative valuation method.
by Small Business Accounting Software | Nov 7, 2025 | Terminologies
Money received before services are performed or goods are delivered. Treated as a liability until obligations are fulfilled. Common with subscriptions and advance bookings.
by Small Business Accounting Software | Nov 6, 2025 | Terminologies
The basic record of a financial transaction showing which accounts are debited and credited. Every transaction begins with a journal entry. Proper documentation ensures accuracy in ledgers.
by Small Business Accounting Software | Nov 4, 2025 | Accounting Proram, Terminologies
Tracks purchases, depreciation, and disposals of long-term assets like equipment and buildings. Automates depreciation calculations. Ensures compliance with accounting standards.
