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.
by Small Business Accounting Software | Dec 12, 2025 | Chart of Accounts, Terminologies
Funds received from customers as a guarantee of future performance. Treated as a liability until the service or product is delivered. Common in construction or real estate industries.
by Small Business Accounting Software | Dec 6, 2025 | Chart of Accounts, Expenses, Terminologies
Costs for employee business trips, including airfare, lodging, and meals. Encourages business development and client relationships. Requires careful documentation.
by Small Business Accounting Software | Dec 4, 2025 | Chart of Accounts, Terminologies
Interest accrued on loans or notes but not yet paid. It is a short-term liability until settlement. This keeps financing costs accurately recorded.
by Small Business Accounting Software | Dec 4, 2025 | Chart of Accounts, Expenses, Terminologies
Shipping costs incurred to bring purchased goods into the business. Included in inventory cost until sold. Helps establish accurate cost of goods.
