Category: Bookkeeping

However, the layout and navigation may not be as intuitive for some users, especially those who are new to accounting software. Seamlessly connect QuickBooks to your favorite apps and tools, creating a unified hub for your business operations. From CRM systems to payment processors, QuickBooks integrates with a wide range of popular platforms, saving you… Continue reading Xero vs QuickBooks for Accounting Features, Fees, Support

Double-entry bookkeeping can appear complicated at first, but it’s easy to understand and use once the basic concepts have been learned. The exact date that double-entry bookkeeping was invented is not known. There are recorded instances of double-entry bookkeeping from as far back as 70 A.D. This practice ensures that the accounting equation always remains… Continue reading What is Double-Entry Bookkeeping in Accounting?

For example, the cash shortage needs the adjustment on the debit side while the cash overage needs the adjustment on the credit side. In this case one balance sheet asset (cash), has been increased by 1,488 when the cash is banked. For simplicity, the total value of cash on https://www.bookstime.com/ hand includes items with a similar… Continue reading Cash Shortage Journal Entry

Instead of scrambling for receipts or invoices, all of your financial information is organized on one central system. These issues might be preventing you from climbing the ladder to success! For example, let’s say that your business is losing money each month or that your overhead costs are too high. Business The service you decide… Continue reading What Is Bookkeeping? Definition, Types & Importance

It’s “other revenue” for you, not a normal source of revenue like your paycheck. Cash Over and Short account is also used for Petty Cash overages and shortages. It can also be used when an employee must take money from the business’s accounts for personal reasons. But understanding how to record this type of journal… Continue reading Over and Short: Definition and What It Means in Accounting