As a small business owner you want to project your best professional image. This includes your financial statements. A negative number in an expense account -- indicating income rather than expense -- ...

The double-entry system protects your small business against costly accounting errors. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you ...

Closing entries are the journal entries recorded at the end of an accounting period to close out balances of income statement accounts and transfer them to the account of retained earnings in the ...

Double-Entry Accounting: What It Means and How It Works Your email has been sent Double-entry accounting is a system of recording transactions in two parts, debits and credits. This method of ...

Understand adjusting entries for accounting purposes, how they are made and what they impact. Many, or all, of the products featured on this page are from our advertising partners who compensate us ...

Closing entries transfer revenue and expense balances to the retained earnings account. This process resets the temporary account balances to zero for the new accounting period. Recording closing ...

Tracking your company’s spending is essential for maintaining accurate financial records. One financial accounting method businesses use is the payroll journal entry. Payroll journal entries record ...

All businesses, from the single proprietor Schedule C self-employed practitioner to the practice with thousands of staff, have expenses that need to be tracked, and in many cases, laid out by the ...

We are a team of writers, experimenters and researchers providing you with the best advice with zero bias or partiality. Proper bookkeeping is an unavoidable task when running a small business, but ...

Edward Kellman, CEO and chief design engineer of Trakker Apps, holds two U.S. patents for an innovative take on double-entry accounting. Processing Content The system, known as the Double-Entry ...

Tracking your company’s spending is essential for maintaining accurate financial records. One financial accounting method businesses use is the payroll journal entry. Payroll journal entries record ...