by Small Business Accounting Software | Apr 28, 2026 | Accounting Proram, Terminologies
A report that categorizes receivables or payables based on how long they have been outstanding (e.g., 30, 60, 90 days). Helps identify overdue accounts. Critical for managing collections and credit control.
by Small Business Accounting Software | Apr 26, 2026 | Chart of Accounts, Terminologies
Similar to unearned revenue, but often used for long-term obligations like software subscriptions or annual service contracts. Recognized gradually as services are performed. Ensures revenue recognition compliance.
by Small Business Accounting Software | Apr 25, 2026 | Chart of Accounts, Terminologies
Debt securities issued by a company to raise capital. They usually have fixed interest rates and maturity dates. Often used for large-scale financing.
by Small Business Accounting Software | Apr 22, 2026 | Terminologies
Occurs when an asset’s market value drops below its book value. Impairment losses are recognized to reflect reduced economic benefit. Common for goodwill or investments.
by Small Business Accounting Software | Apr 22, 2026 | Assets, Chart of Accounts, Terminologies
Purchased or developed computer programs used for operations. Considered an intangible asset, but recorded separately for clarity. May be amortized over its useful life.
