By the end, you’ll have all the knowledge necessary to implement a well-structured chart of accounts that meets the unique needs of your non-profit organization. This how-to guide will walk you through setting up and using an effective chart of accounts specifically tailored for non-profits. First, let’s look at how the chart of accounts and...Read More

Typically, in a semimonthly pay scheme, paychecks are deposited on the 15th and last day of the month. That means that you can end up being paid on any day of the week, depending on when the 15th and last days fall. If it falls on a weekend day, then it’s usually paid the Friday...Read More

Content Why Is Bookkeeping Important for Business? Open a business account in minutes #1 finance partner for tech & ecommerce startups Should I use an in-house bookkeeper or outsource? Easy Bookkeeping Tips for Small Business Owners FreeAgent brings all of your complex financial data into one easy-to-use system. Bookkeeping tasks such as explaining transactions, recording...Read More

Typically, checking accounts also come with a debit card for easy access to funds. When starting a new small business, one of the first steps should be opening a business checking account. You might also consider opening a savings account to deposit tax obligations. You may do this every month, but at the very least,...Read More

Content Restaurant accounting: master your finances Price: Contact us to get your free small business bookkeeping assessment Different types of expenses Connecting Shogo to Your POS System The Importance of a Company Policy Handbook or Guidelines Regarding Tip Policies Balance Sheets Learn How We Can Impact Your Business Growth Templates for All Your Restaurant Accounting...Read More

You expect to make a certain amount each month and will budget accordingly. Like a salary, recurring revenue is based on existing agreements between two parties, but there’s still the chance that the arrangement could be ended. Both marketing and research and development (R&D) are essential to the success of a software as a service...Read More

To complete an entry in a general journal, one would write a journal entry as usual. One represents the income side and one represents the expenditures side. In addition to the general journal, there are several special journals or subsidiary journals that are used to help divide and organize business transactions. Just a Few More...Read More

Within these main categories, you can create sub-accounts to add granularity. For instance, under expenses, you might have sub-accounts for legal research, office supplies, or marketing. Examples of these expenses are fees for transportation, court filings, expert witnesses, transcripts, medical records, etc. Accounting, on the other hand, deals with interpreting and presenting this financial information...Read More

This process involves careful consideration of the date, account, description, and amount fields to accurately reflect the financial transaction. Users should also double-check the chart of accounts to ensure the appropriate accounts are selected for all transactions. It’s essential to review and confirm the accuracy of the journal entry before saving it to maintain the...Read More

The information found in a company’s balance sheet is among some of the most important for a business leader, regulator, or potential investor to understand. If you were to add up all of the resources a business owns (the assets) and subtract all of the claims from third parties (the liabilities), the residual leftover is...Read More