August 18, 2017Charles Lutwidge
Should you record the sale you just made in accounts receivable, your daybook, or a general ledger? All? None? You can document financial transactions in a number of different records. Read on to clear up the confusion on which is which...
June 12, 2017Charles Lutwidge
Every business (and every nonprofit) needs bookkeeping services. There are a lot of options: you could hire a bookkeeper as an employee, contract the work out to an independent bookkeeper, work with a bookkeeping firm, or some combination of these options...
June 09, 2017Charles Lutwidge
What exactly is the difference between accounting and bookkeeping? These two labels are sometimes used interchangeably, so it’s no wonder the matter can be confusing. Let’s briefly explore the two jobs to clarify their roles in business finance. Bookkeeping, for its..
May 02, 2017Charles Lutwidge
One of an accountant’s basic goals is to keep accurate and useful records of financial transactions. Individuals, small firms, large corporations, and even whole countries faced with this task have two major methods from which to choose: the cash basis of..
March 14, 2017Charles Lutwidge
June 02, 2016Charles Lutwidge
March 28, 2016Charles Lutwidge
Accounts receivable definition: “Accounts receivable” refers to money owed to you by your customers for goods or services that you have already provided to them. Your customers might be individuals, corporations, governments, or any other entity. If you’ve made a sale but haven’t gotten paid for it..
March 16, 2016Charles Lutwidge
Accounts payable definition: Accounts payable are your company’s short-term debts. Short-term debts are those that must be paid off within 1 year. The definition above is the one I’ll use in this article. However, “accounts payable” (abbreviated “AP”) is also frequently used to refer to the department of..