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.
by Small Business Accounting Software | Nov 3, 2025 | Chart of Accounts, Terminologies
Income earned from performing services rather than selling physical goods. Examples include consulting, rentals, or legal services. Recognized when the service is performed.
by Small Business Accounting Software | Oct 30, 2025 | Terminologies
A direct reduction of tax owed, unlike a deduction which reduces taxable income. Examples include education credits and renewable energy credits. More valuable than deductions dollar-for-dollar.
