by Small Business Accounting Software | Sep 17, 2025 | Chart of Accounts, Expenses, Terminologies
Reductions in sales prices given to customers, usually for early payment or promotions. Recorded separately from gross sales to show net sales. Useful for analyzing pricing strategies.
by Small Business Accounting Software | Sep 13, 2025 | Chart of Accounts, Expenses, Terminologies
Tracks personal expenses mistakenly or intentionally paid from business funds (e.g., personal groceries, vacations). In accounting, these are recorded separately for clarity, then reclassified as Owner’s Drawings. Ensures accurate tax reporting.
by Small Business Accounting Software | Sep 9, 2025 | Chart of Accounts, Expenses, Terminologies
Costs to keep equipment, property, or vehicles operational. Unlike improvements, repairs are expensed immediately. Critical for sustaining operations.
by Small Business Accounting Software | Sep 7, 2025 | Chart of Accounts, Expenses, Terminologies
Covers fuel, repairs, and upkeep of company-owned vehicles. Essential for logistics and transportation-heavy businesses. Requires mileage tracking for compliance.
by Small Business Accounting Software | Sep 5, 2025 | Chart of Accounts, Expenses, Terminologies
Hourly labor costs separate from salaried staff. Found in manufacturing, retail, or hospitality. Often more variable than salaries.
