Always Know Your Cash – A Big Pile of Forms Having employees can be pretty time-consuming all around. Paying them is no different. You have to deal with state and federal taxes, multiple report filings, unemployment insurance, and a whole lot more. Even if you have only one employee, you have to fill out every … Read more
Recording Your Revenues – What Are You Selling? When it comes to recording your revenues, what your company sells plays a big part in how transactions are written up. There are basically three things you can sell: products, services, or a combination product and service. The main transaction differences are with cost of goods sold … Read more
Setting Up a System – The Everyday Transactions Most companies have the same types of day-to-day transactions, and almost all of these involve revenue and expense accounts. Each of these common transactions involves some kind of document, whether it’s an invoice, a receipt, a check stub, or some cash register tape. From these source documents, … Read more
Keeping Track of Transactions – It’s All in the Posting The journals are where all the daily bookkeeping activities take place. Peri- odically, that information is transferred to the ledger to update each account. That transfer is called posting, and it’s a critical part of the full accounting process. With computerized systems, the posting process … Read more
