by pay@crispino.us | Nov 25, 2025 | Key Accounting Concepts, Terminologies
Records revenues and expenses only when cash is received or paid. Simpler than accrual accounting but less accurate in reflecting true performance. Common in small businesses and sole proprietorships.
by pay@crispino.us | Nov 24, 2025 | Assets, Chart of Accounts, Terminologies
A catch-all category for assets that do not fit neatly into other classifications, such as deposits or long-term advances. Often less liquid or unusual in nature. Used sparingly to avoid clutter.
by pay@crispino.us | Nov 21, 2025 | Chart of Accounts, Income, Terminologies
Income from workshops, courses, or other educational services. Can be billed per session, subscription, or certification. Increasingly common in digital learning businesses.
by pay@crispino.us | Nov 19, 2025 | Accounting Proram, Terminologies
Functions that allow movement of information in and out of the software, often through spreadsheets or APIs. Useful for migrating data or integrating with other systems. Promotes flexibility and continuity.
by pay@crispino.us | Nov 18, 2025 | Taxes & Regulations, Terminologies
A direct reduction of tax owed, unlike a deduction which reduces taxable income. Examples include education credits and renewable energy credits. More valuable than deductions dollar-for-dollar.
by pay@crispino.us | Nov 18, 2025 | Taxes & Regulations, Terminologies
A tax withheld at source from salaries, dividends, or contractor payments. Businesses act as collection agents for tax authorities. Failure to remit can cause legal penalties.
by pay@crispino.us | Nov 18, 2025 | Chart of Accounts, Expenses, Terminologies
Unlike corporations, sole proprietors don’t earn a formal salary; they draw money instead. However, some businesses track an “Owner’s Salary” account informally to monitor consistent withdrawals. It always closes out to drawings/capital at year-end.
by pay@crispino.us | Nov 12, 2025 | Accounting Proram, Terminologies
An automated link between a business’s bank account and the accounting system. It imports transactions in real time, reducing manual data entry. This improves accuracy and speeds up reconciliations.
by pay@crispino.us | Nov 11, 2025 | Accounting Proram, Terminologies
A feature that lets users click on summary figures to see detailed transactions behind them. For example, from “Total Sales” down to individual invoices. Enhances transparency and understanding of numbers.
by pay@crispino.us | Nov 11, 2025 | Measurement & Valuation, Terminologies
The expected period an asset will be productive for business purposes. Used to determine depreciation schedules. Can differ from physical life due to obsolescence.
