by Small Business Accounting Software | Jul 27, 2026 | Assets, Chart of Accounts, Terminologies
Represents reductions in purchases when goods are returned or discounts are received for defective merchandise. It is a contra-account to Purchases. Provides insights into vendor reliability.
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 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 22, 2026 | Chart of Accounts, Terminologies
Amounts withheld from employee wages (like taxes or retirement contributions) that must be remitted. It ensures accurate compliance with payroll regulations. Cleared once payments are made.
by Small Business Accounting Software | Jul 17, 2026 | Assets, Chart of Accounts, Terminologies
The cost of obtaining the right to operate under a franchise brand. Provides access to trademarks, business models, and marketing support. Amortized over the agreement term.
by Small Business Accounting Software | Jul 16, 2026 | Assets, Chart of Accounts, Terminologies
A contra-asset account estimating the portion of receivables unlikely to be collected. It aligns revenues with probable losses. It prevents overstating assets in financial reports.
