by pay@crispino.us | Jul 4, 2026 | Chart of Accounts, Equity, Terminologies
Tracks additional funds or assets contributed by the owner during the business’s operation (beyond initial capital). It highlights the reinvestment made by the owner to support growth. This account feeds into Owner’s Capital.
by pay@crispino.us | Jul 2, 2026 | Assets, Chart of Accounts, Terminologies
Costs incurred for projects still under development, such as a building not yet finished. This account accumulates expenses until the asset is ready for use. Once complete, the balance is transferred to a fixed asset category.
by pay@crispino.us | Jul 1, 2026 | Chart of Accounts, Liabilities, Terminologies
Long-term liabilities for leased property or equipment under accounting rules. Depending on terms, leases can be operating or finance leases. Recognized on the balance sheet to show commitments.
by pay@crispino.us | Jun 27, 2026 | Chart of Accounts, Income, Terminologies
Income earned from providing professional advice or specialized services. Recognized when the service is rendered. Common for service-based businesses like law, IT, and accounting.
by pay@crispino.us | Jun 18, 2026 | Chart of Accounts, Expenses, Terminologies
Costs for business permits, registration, or property taxes. Necessary to operate legally. Recurs annually or periodically.
by pay@crispino.us | Jun 17, 2026 | Chart of Accounts, Equity, Terminologies
Sometimes used to track running balances of contributions, withdrawals, and allocations for ease of monitoring. It provides a clear view of how much the owner has taken out or put in during a period. At year-end, balances typically roll into the capital account.
