by pay@crispino.us | Jul 15, 2026 | Recording & Adjustments, Terminologies
The basic record of a financial transaction showing which accounts are debited and credited. Every transaction begins with a journal entry. Proper documentation ensures accuracy in ledgers.
by pay@crispino.us | Jul 14, 2026 | Accounting Proram, Terminologies
A preliminary bill of sale sent before delivery of goods or services. It outlines expected charges but is not yet a legally binding invoice. Helps customers prepare payment in advance.
by pay@crispino.us | Jul 13, 2026 | Accounting Proram, Terminologies
A report that categorizes receivables or payables based on how long they have been outstanding (e.g., 30, 60, 90 days). Helps identify overdue accounts. Critical for managing collections and credit control.
by pay@crispino.us | Jul 12, 2026 | Chart of Accounts, Liabilities, Terminologies
Represents amounts owed to government agencies for income, sales, or other taxes. Accurate calculation and timely payment prevent penalties. Reported as current liabilities.
by pay@crispino.us | Jul 9, 2026 | Assets, Chart of Accounts, Terminologies
Goods purchased for resale in retail or merchandising businesses. It is a current asset until sold, after which it moves to Cost of Goods Sold. Proper tracking helps maintain accurate gross profit reporting.
