Bookkeeping

That item, however, becomes an asset you now own as part of your equipment list. Since that money didn’t simply float into thin air, it is important to record that transaction with the appropriate debit. Although your cash account was credited (decreased), your equipment account was debited (increased) with valuable property. It is now an […]

This means if you have invoiced your client for a taxable product and there is a change in amount, quantity, etc., that you do not make an edit to an invoice that falls within a month sales tax has been filed. We have several suggestions for workarounds that have to do with client credits or […]

When making a payment to a supplier, the accounts payable balance is reduced with a debit entry. It is essential to remember that every accounts payable transaction has a corresponding debit and credit entry in the company’s general ledger. In summary, it is of utmost importance for businesses to remain vigilant in managing their accounts […]