by Small Business Accounting Software | Oct 5, 2025 | Chart of Accounts, Terminologies
Estimated costs associated with product warranties. Recorded when sales occur, based on historical data. It reflects obligations to repair or replace defective products.
by Small Business Accounting Software | Oct 2, 2025 | Chart of Accounts, Terminologies
Revenue from long-term service agreements, such as annual maintenance or IT support. Recognized gradually as services are performed. Provides a stable income stream.
by Small Business Accounting Software | Oct 2, 2025 | Terminologies
The process of recording day-to-day financial transactions, such as sales, purchases, receipts, and payments. It is a subset of accounting that focuses on data entry and accuracy. Proper bookkeeping ensures reliable data for financial reports.
by Small Business Accounting Software | Sep 30, 2025 | Accounting Proram, Terminologies
A document issued to correct or reduce an existing invoice, such as when goods are returned or an error is found. The software applies credit notes against outstanding balances. Helps maintain accurate receivables.
by Small Business Accounting Software | Sep 27, 2025 | Chart of Accounts, Terminologies
Company’s own shares that were repurchased from shareholders. It reduces equity since these shares are no longer outstanding. Often used for stock compensation or market stabilization.
