by pay@crispino.us | Dec 12, 2025 | Accounting Fundamentals, Terminologies
A 12-month accounting period used for financial reporting and tax purposes. It may align with the calendar year or a company-chosen cycle. Many businesses choose fiscal years that reflect seasonal operations.
by pay@crispino.us | Dec 10, 2025 | Taxes & Regulations, Terminologies
Taxes due in future periods because of temporary differences between accounting income and taxable income. Common with depreciation differences. Shown as assets or liabilities on the balance sheet.
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.
