by Small Business Accounting Software | Jan 7, 2026 | Chart of Accounts, Terminologies
In sole proprietorships, this represents the owner’s initial and ongoing contributions. It reflects investment and retained profits. Balances with drawings or withdrawals.
by Small Business Accounting Software | Jan 5, 2026 | Assets, Chart of Accounts, Terminologies
A contra-asset account that records the total depreciation expense charged against fixed assets. It reduces the book value of assets over time. This reflects wear, tear, or obsolescence.
by Small Business Accounting Software | Jan 5, 2026 | Accounting Proram, Terminologies
A safe test space within the system where users can try out features, train staff, or test integrations without affecting live data. Prevents errors in real records. Valuable for training and experimentation.
by Small Business Accounting Software | Jan 4, 2026 | Terminologies
Revenues must be recorded when earned, not when cash is collected. Ensures consistency and comparability across businesses. A cornerstone of accrual accounting.
by Small Business Accounting Software | Jan 1, 2026 | Terminologies
An internal control principle where responsibilities are divided so no single individual controls all aspects of a financial transaction. Reduces fraud risk. Commonly applied in cash handling and approval processes.
by Small Business Accounting Software | Dec 30, 2025 | Accounting Proram, Terminologies
Customizable settings that restrict or allow access to specific features or data. For example, giving staff access to invoicing but not payroll. Maintains confidentiality and reduces risks of fraud.
