Fri, 06 Jan 2023 18:33:09 +0000 en-US hourly 1 https://wordpress.org/?v=6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png 32 32 https://www.patriotsoftware.com/blog/accounting/three-golden-rules-accounting/ Fri, 06 Jan 2023 18:32:00 +0000 https://www.patriotsoftware.com/?p=49113 You might have heard of the Golden Rule in life: Treat others as you want to be treated. But, did you know that there’s also a golden rule for accounting? In fact, there are three golden rules of accounting. And no … one of them is not treating your accounts the way you want to […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-single-entry-bookkeeping-system-example/ Wed, 09 Nov 2022 17:23:11 +0000 https://pslohio.wpengine.com/uncategorized/what-is-single-entry-bookkeeping-system-example/ As your small business begins to make transactions, you need to record them in your books. If you want an easy way to track business finances, consider using the single-entry method. Single-entry bookkeeping lets you record transactions quickly so you can get back to running your business. What is single-entry bookkeeping? Single-entry bookkeeping is a […]

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]]> https://www.patriotsoftware.com/blog/accounting/what-is-correcting-entries-journal-examples/ Fri, 04 Nov 2022 17:50:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-correcting-entries-journal-examples/ Even with automation and easy-to-use accounting tools, bookkeeping mistakes can happen. Journal entry errors can end up costing your small business time and money. Learn how to get your books back on track with correcting entries. What is a correcting entry? A correcting entry in accounting fixes a mistake posted in your books. For example, […]

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]]> https://www.patriotsoftware.com/blog/accounting/petty-cash-accounting-journal-entries/ Thu, 03 Nov 2022 20:59:27 +0000 https://pslohio.wpengine.com/uncategorized/petty-cash-accounting-journal-entries/ Thinking about providing petty cash to employees? Before establishing a petty cash fund at your small business, be prepared to create a petty cash accounting system. You must record petty cash transactions, even if you think they’re too low to matter. Without a petty cash system, using small cash amounts periodically can add up to […]

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]]> https://www.patriotsoftware.com/blog/accounting/accounting-for-intangible-assets-amortization-useful-life/ Thu, 03 Nov 2022 17:33:00 +0000 https://pslohio.wpengine.com/uncategorized/accounting-for-intangible-assets-amortization-useful-life/ When you own and operate a small business, you build up a collection of tangible and intangible assets. Tangible assets include valuable things you can touch, like your business’s building, vehicles, equipment, furniture, etc. Intangible assets are the opposite—they are not physical items. As a result, accounting for intangible assets can get tricky. Before learning […]

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]]> https://www.patriotsoftware.com/blog/accounting/credit-card-chargeback-fraud-process-prevention/ Thu, 03 Nov 2022 17:02:00 +0000 https://pslohio.wpengine.com/uncategorized/credit-card-chargeback-fraud-process-prevention/ Without sales, your business’s bottom line would be in the negatives. But if a customer issues a chargeback after you make a sale, you might have to pay up. And sometimes, customers falsely make a chargeback claim. Chargeback fraud is a hassle nobody wants to deal with, but it could happen when you own an […]

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]]> https://www.patriotsoftware.com/blog/accounting/tangible-assets/ Wed, 02 Nov 2022 19:09:29 +0000 https://pslohio.wpengine.com/uncategorized/tangible-assets/ Business assets are items of value that significantly contribute to your small business net worth. You need to properly calculate, take care of, and record your business’s tangible assets. Learn about tangible assets below. What are tangible assets? Tangible assets are physical items of value that you can see and feel. Tangible assets include land, […]

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]]> https://www.patriotsoftware.com/blog/accounting/closing-entries-accounting-period/ Wed, 02 Nov 2022 18:41:24 +0000 https://pslohio.wpengine.com/uncategorized/closing-entries-accounting-period/ When you manage your accounting books by hand, you are responsible for a lot of nitty-gritty details. One of your responsibilities is creating closing entries at the end of each accounting period. What are closing entries? Closing entries are entries used to shift balances from temporary to permanent accounts at the end of an accounting […]

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]]> https://www.patriotsoftware.com/blog/accounting/bad-debt/ Tue, 01 Nov 2022 15:36:11 +0000 https://pslohio.wpengine.com/uncategorized/bad-debt/ Extending credit to customers is a great way to encourage impromptu purchases, boost sales, and increase profits. But sometimes, customers don’t pay you, resulting in a bad debt. What is bad debt? What is bad debt? A bad debt occurs when someone owes you money but you are unable to collect it. The debt is […]

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]]> https://www.patriotsoftware.com/blog/accounting/allowance-doubtful-accounts/ Tue, 01 Nov 2022 15:12:07 +0000 https://pslohio.wpengine.com/uncategorized/allowance-doubtful-accounts/ When it comes to your small business, you don’t want to be in the dark. Your accounting books should reflect how much money you have at your business. If you use double-entry accounting, you also record the amount of money customers owe you. But, what happens if they don’t pay? To protect your business, you […]

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