What is the difference between a ledger and a simple journal entry?
A ledger and a simple journal entry are both important components of the double-entry accounting system, but they serve different purposes and have di...
What is a Journal Entry?
A journal entry is a fundamental accounting record used to track and document financial transactions within a business. It's the first step in the dou...
How to record loan payments
Recording loan payments accurately is essential for maintaining your financial records and ensuring that you meet your financial obligations. To recor...
What is GAAP?
GAAP stands for Generally Accepted Accounting Principles. It is a set of standardized accounting principles, procedures, and guidelines used in the Un...
Must Follow Golden Bookkeeping Rules
Effective bookkeeping relies on several fundamental principles that can be considered "golden rules" for managing financial records accurately and eff...
How do I handle sales tax and record it in my books?
Handling sales tax and recording it in your books is an important aspect of financial management, especially for businesses that are required to colle...
What is depreciation, and how is it recorded in bookkeeping?
Depreciation is an accounting method used to allocate the cost of tangible assets (such as buildings, machinery, vehicles) over their estimated useful...
Common Challenges Small Businesses Face
Small businesses face a variety of common challenges that can impact their operations and success. These challenges can vary depending on the industry...
Essential Bookkeeping Reports for Monitoring Business Performance
Essential Bookkeeping Reports for Monitoring Business Performance Monitoring business performance through bookkeeping reports is essential for maki...
Tax Preparation: How can accurate bookkeeping help with tax preparation? What documentation should I keep for tax purposes?
Accurate bookkeeping is essential for proper tax preparation. It ensures that your financial records are organized, complete, and in compliance with t...