Bookkeeping

The purpose of a contra expense the contra account purchases discount has a normal debit balance. account is to record a reduction in an expense without changing the balance in the main account. In double entry bookkeeping terms, a contra expense account refers to an account which is offset against an expense account. If it […]

Cash receipts are recorded in your sales journal as credit and your cash receipts as debit. Before you can record cash receipts, you need to keep all receipts whenever you make cash sales. The sales standard sales receipts that contain key information as mentioned above, provide proof that the sale took place. It means the […]

Upsourced Accounting is an accounting company that offers affordable and transparent financial services to freelancers and small business owners throughout the Columbus area. The firm undertakes a broad range of services including payroll processing, federal, state, and local tax filing, bookkeeping, monthly financial reporting, bill payment, customer invoicing, profitability analysis, and tax preparation and planning. […]

Spring Accounting is a Portland-based firm that helps businesses save time by handling their accounting and other financial aspects. Founder Jillian Plank is a certified public accountant and an entrepreneur. Her experience in both fields allows her to serve the needs of small businesses and Fortune 500 companies. She and her team assist clients in […]

This verifiability enhances the reliability of financial statements, giving stakeholders confidence in the reported figures. Over time, the value of assets can fluctuate significantly due to market conditions, technological advancements, or wear and tear. For instance, a piece of machinery purchased a decade ago may no longer hold the same value today, either due to […]

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