by Small Business Accounting Software | Dec 20, 2025 | Terminologies
Assumes that a business will continue operating into the foreseeable future. This justifies reporting assets at historical cost rather than liquidation value. If the going concern is doubtful, disclosures are required.
by Small Business Accounting Software | Dec 20, 2025 | Accounting Proram, Terminologies
A feature that allows recording transactions in different currencies. Essential for businesses dealing with international clients or suppliers. Automatically updates conversions based on exchange rates.
by Small Business Accounting Software | Dec 19, 2025 | Terminologies
The pricing of goods and services exchanged between divisions of the same company, often across borders. Regulated to prevent tax avoidance. Requires careful documentation.
by Small Business Accounting Software | Dec 18, 2025 | Chart of Accounts, Terminologies
Wages owed to employees for work performed but not yet paid. Recorded as a current liability until settled. Ensures accurate matching of labor costs to the correct period.
by Small Business Accounting Software | Dec 17, 2025 | Chart of Accounts, Expenses, Terminologies
Fees incurred for bank services such as account maintenance, wire transfers, or overdrafts. Usually small but recurring. Essential for financial accuracy.
