by Small Business Accounting Software | Jul 2, 2026 | Assets, Chart of Accounts, Terminologies
Interest earned but not yet received in cash. It arises from investments or loans. Recognizing this ensures revenues match the period earned.
by Small Business Accounting Software | Jun 3, 2026 | Assets, Chart of Accounts, Terminologies
Office desks, chairs, cabinets, and fixtures used in daily operations. Like equipment, they are depreciated. They support operational efficiency.
by Small Business Accounting Software | May 28, 2026 | Assets, Chart of Accounts, Terminologies
Non-physical assets like patents, trademarks, copyrights, and goodwill. They provide future economic benefits but lack physical substance. They are amortized rather than depreciated.
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.
by Small Business Accounting Software | Mar 30, 2026 | Assets, Chart of Accounts, Terminologies
Machinery, computers, and other tangible assets used in operations. Equipment is depreciated over its lifespan. Proper categorization distinguishes it from supplies.
by Small Business Accounting Software | Mar 26, 2026 | Assets, Chart of Accounts, Terminologies
Written promises from customers or others to pay a definite amount at a specific future date. Notes may earn interest, making them slightly different from accounts receivable. They are enforceable legal agreements.
