Journal Entries Articles

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.

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.

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.

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.

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.

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.

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?

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 […]