by Small Business Accounting Software | Jul 27, 2026 | Accounting Proram, Terminologies
The process of linking transaction categories to the correct accounts in the general ledger. Many systems automate mapping for common expenses and revenues. Ensures financial data is classified consistently.
by Small Business Accounting Software | Jul 25, 2026 | Chart of Accounts, Terminologies
Income from selling goods or services. It is the primary revenue stream for most companies. Recorded net of returns and discounts.
by Small Business Accounting Software | Jul 25, 2026 | Terminologies
A tax on specific goods such as alcohol, fuel, or tobacco. Usually included in the product price. Requires careful compliance and reporting.
by Small Business Accounting Software | Jul 24, 2026 | Assets, Chart of Accounts, Terminologies
Assets held for more than a year, such as stocks, bonds, or real estate. They are not intended for quick liquidation. Used for strategic growth or income generation.
by Small Business Accounting Software | Jul 24, 2026 | Terminologies
An organized listing of all account names and numbers a business uses to record financial transactions. It serves as a framework for classifying assets, liabilities, equity, revenues, and expenses. The COA keeps financial data consistent and structured across...
