by pay@crispino.us | Dec 7, 2025 | Chart of Accounts, Liabilities, Terminologies
Taxes accrued but not yet payable due to timing differences between accounting and tax reporting. Often arises from depreciation methods. Recognized as future obligations.
by pay@crispino.us | Dec 4, 2025 | Accounting Proram, Terminologies
A document issued to correct or reduce an existing invoice, such as when goods are returned or an error is found. The software applies credit notes against outstanding balances. Helps maintain accurate receivables.
by pay@crispino.us | Dec 3, 2025 | Chart of Accounts, Liabilities, Terminologies
Potential obligations that depend on future events, such as lawsuits or guarantees. Recorded if probable and estimable. Disclosed in notes if uncertain.
by pay@crispino.us | Dec 1, 2025 | Accounting Proram, Terminologies
A feature where the system automatically assigns expenses or income to the correct account based on past behavior or rules. Saves time and reduces errors. Particularly helpful for recurring transactions.
by pay@crispino.us | Dec 1, 2025 | Chart of Accounts, Liabilities, Terminologies
Similar to unearned revenue, but often used for long-term obligations like software subscriptions or annual service contracts. Recognized gradually as services are performed. Ensures revenue recognition compliance.
by pay@crispino.us | Nov 27, 2025 | Chart of Accounts, Income, Terminologies
Revenue from leasing company-owned property or equipment. Can be steady recurring income. Recognized when rent is due.
by pay@crispino.us | Nov 25, 2025 | Accounting Proram, Terminologies
A system-generated record of all actions performed within the software, such as who logged in, what was changed, and when. It ensures accountability and supports compliance. Audit logs are vital for detecting unauthorized activities.
by pay@crispino.us | Nov 25, 2025 | Recording & Adjustments, Terminologies
A collection of all accounts that summarizes transactions from journals. It is often referred to as the “book of final entry.” The general ledger provides the basis for financial statements.
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.
