Patriot Software

NOVEMBER 2, 2022

Understand the difference between tangible vs. intangible assets to keep your accounting books and financial statements accurate. All businesses have assets. Assets can be broken down into two categories: tangible and intangible. But, tangible assets are physical while intangible assets are […] READ MORE.

accounting books 98

accounting books financial statements Account accounted 98

xendoo

FEBRUARY 25, 2022

If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. . When and Why You Need to Clean Up Your Books. There are many reasons to have clean accounting books each month. Here are a few: Ensure Financials Are Up-to-Date.

general ledger 111

general ledger Account accounted accountant 111

Patriot Software

OCTOBER 28, 2022

Having accurate accounting books is essential for making financial decisions, securing financing, and drafting financial statements. But sometimes, you find gaps in your records, either from making mistakes or carrying out transactions from one accounting period to another.

accounting books 52

accounting books accounting and finance financial statements Finance 52

Patriot Software

OCTOBER 28, 2022

When you run a small business, one error in your accounting books can result in inaccurate financial statements, poor cash flow management, and even an IRS audit. To make sure your records are accurate, familiarize yourself with account reconciliation. What is account reconciliation?

Account 52

Account accounted accountant accounting books 52

Snyder

JANUARY 3, 2023

As you’ve probably noticed, when running your own business, you’ll be tasked more with basic bookkeeping than advanced accounting. Basic terms for small business accounting and bookkeeping. They give a summary of financial operations, cash flows, and the overall financial performance of a business for a specific date or time period.

accounting basics 52

accounting basics basic accounting bookkeeping Account 52

Accounting Seed

JANUARY 4, 2023

Even in the 21st century, it’s still possible to do your bookkeeping with paper spreadsheets or account books. If manual accounting works for you, nobody can force you to change. Accounting standards are the same whether you use ledgers or laptops. What is Automated Accounting?

Account 52

Account accounted accountant bookkeeping 52

Accounting Seed

NOVEMBER 23, 2022

You debit the $12,500 to AR and credit the same amount to your sales account. This is known as balancing your accounts/books. You recognize this in your accounting with a “bad debt” entry. When the customer pays, you credit $12,500 to AR and debit cash.

Account 52

Account accounted accountant accrual accounting 52