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.
