by pay@crispino.us | Aug 21, 2026 | Assets, Chart of Accounts, Terminologies
Represents reductions in purchases when goods are returned or discounts are received for defective merchandise. It is a contra-account to Purchases. Provides insights into vendor reliability. by pay@crispino.us | Aug 16, 2026 | Chart of Accounts, Equity, Terminologies
In sole proprietorships, this represents the owner’s initial and ongoing contributions. It reflects investment and retained profits. Balances with drawings or withdrawals. by pay@crispino.us | Aug 13, 2026 | Chart of Accounts, Liabilities, Terminologies
Wages owed to employees for work performed but not yet paid. Recorded as a current liability until settled. Ensures accurate matching of labor costs to the correct period. by pay@crispino.us | Aug 11, 2026 | Chart of Accounts, Income, Terminologies
Fees earned from providing advisory or professional services. Often project-based or hourly. A common account for service-oriented businesses. by pay@crispino.us | Aug 9, 2026 | Chart of Accounts, Expenses, Terminologies
The systematic allocation of an asset’s cost over its useful life. Reflects wear, tear, and obsolescence. Recorded periodically to match expense with revenue. by pay@crispino.us | Aug 8, 2026 | Assets, Chart of Accounts, Terminologies
Fixed assets such as shelving, display racks, cash registers, and POS systems. They support day-to-day retail operations. Depreciated over their useful life.