by Small Business Accounting Software | Nov 22, 2025 | Chart of Accounts, Terminologies
A long-term liability secured by real property. Payments typically include both principal and interest. Often broken into current and long-term portions.
by Small Business Accounting Software | Nov 17, 2025 | Chart of Accounts, Expenses, Terminologies
Payments for leased property or equipment used in operations. Recognized monthly or per the rental agreement. A major recurring operating cost.
by Small Business Accounting Software | Nov 15, 2025 | Assets, Chart of Accounts, Terminologies
Represents money available in currency and bank accounts. This account reflects the most liquid asset that a business can immediately use to settle obligations or invest. It is constantly updated as deposits and withdrawals occur.
by Small Business Accounting Software | Nov 14, 2025 | Chart of Accounts, Terminologies
Money received before goods or services are delivered. It is a liability until the company fulfills its obligation. Examples include advance payments for subscriptions or bookings.
by Small Business Accounting Software | Nov 10, 2025 | Chart of Accounts, Terminologies
Earnings from facilitating sales or services on behalf of others, such as real estate agents or brokers. Typically a percentage of transaction value. Recorded when earned.
by Small Business Accounting Software | Nov 3, 2025 | Chart of Accounts, Terminologies
Income earned from performing services rather than selling physical goods. Examples include consulting, rentals, or legal services. Recognized when the service is performed.
