Expenses are recorded in a journal entry as a debit to the expense account and a credit to either an asset or liability account. This free cost of goods sold calculator will help you do this calculation easily. This amount includes the cost of the materials and labor directly used to create the good. It […]
An example of double-entry accounting would be if a business took out a $10,000 loan and the loan was recorded in both the debit account and the credit account. The cash (asset) account would be debited by $10,000 and the debt (liability) account is credited by $10,000. Under the double-entry system, both the debit and […]
Funds collected as advance received from a customer are treated as a liability because the related revenue has not been earned by the business yet. A liability created when cash is received in advance of performing a service for a customer. As the amount received in advance is earned, the liability account should be debited […]
Limited Liability Company or commonly known as LLC is a business structure in which the owners aren’t personally responsible for the company’s legal and tax liabilities. But now I have opened a business account and just got QB, so this is the new account that I have connected to QuickBooks. But I am not able […]
In case of an immediate payment requirement, you may want to check with the receiving bank before making a payment. You’ll receive an email every time a new eBill is ready to view online. You can also log in to Online Banking or use our Mobile Banking app to view and pay your eBills. Signs […]
After all, that extra capital can often go a long way in helping your business grow. You want to ensure that your business and personal finances are in good shape. Although tracking your receivables is essential for smart money management, receiving payments is even more important. If you need to keep costs low, consider outsourcing […]