by Small Business Accounting Software | May 7, 2026 | Chart of Accounts, Terminologies
Any borrowing with repayment terms beyond one year. This may include bank loans, bonds, or lease obligations. Provides major financing but increases leverage.
by Small Business Accounting Software | May 6, 2026 | Terminologies
An expense that reduces taxable income, lowering overall tax liability. Examples include business expenses, charitable donations, and retirement contributions. Encourages certain behaviors through incentives.
by Small Business Accounting Software | May 2, 2026 | Accounting Proram, Terminologies
The process of matching accounting records with bank statements or other external records. Software often automates this by suggesting matches between transactions. Ensures accuracy in reported balances.
by Small Business Accounting Software | Apr 28, 2026 | Terminologies
A tax withheld at source from salaries, dividends, or contractor payments. Businesses act as collection agents for tax authorities. Failure to remit can cause legal penalties.
by Small Business Accounting Software | Apr 28, 2026 | Accounting Proram, Terminologies
A report that categorizes receivables or payables based on how long they have been outstanding (e.g., 30, 60, 90 days). Helps identify overdue accounts. Critical for managing collections and credit control.
by Small Business Accounting Software | Apr 26, 2026 | Chart of Accounts, Terminologies
Similar to unearned revenue, but often used for long-term obligations like software subscriptions or annual service contracts. Recognized gradually as services are performed. Ensures revenue recognition compliance.
