Bookkeeping

After you’ve created your account, you’ll be taken to the Zapier dashboard. This is where you’ll create and manage your workflows, which Zapier calls “Zaps”. The interface is clean and user-friendly, with a menu on the left side of the screen that allows you to navigate between different sections of the dashboard. The Dropbox integration […]

This section indicates how cash is invested in assets intended to support the non-profit’s mission over time. A well-crafted nonprofit Statement of Activities serves as the blueprint for your project, detailing the specific actions your organization will take to achieve its objectives. In this post, we’ll explore how to structure and write this crucial section, […]

The teller processes the slip along with the items in the deposit and prints a receipt for the customer. The final step in completing a deposit slip is providing a signature, which serves as authorization for the transaction. While not all banks require a signature for standard deposits, some mandate it for large deposits or […]

During tax time, you can easily pull reports to identify business expenses, which can ease the burden of filing. That said, they’re not necessary to get started or even make decent money. As long as you learn the basics of bookkeeping and put in some leg work, you can find clients happy to pay you […]

The set of 3-financial statements is the backbone of accounting, as discussed in our Accounting Fundamentals Course. A general ledger summarizes all the transactions entered through the double-entry bookkeeping method. Under this method, each transaction affects at least two accounts; one account is debited, while another is credited. Once your GL has been created, diligently fill […]

Those who use the three types of accounts in accounting and apply the legacy rules of debit and credit regularly should print or save this on their desktop. Important to know about Real Accounts – In spite of the fact that “debtors” are assets for the company, they continue to be classified as personal accounts. […]

The cost of sales line item on a company’s income statement allows investors to have a first look at the profitability of the production process. The cost of sales (or sometimes cost of good sold) is deducted from a company’s revenue to arrive at the company’s gross profit. Retailers and service-oriented businesses like lawyers, consultants, […]

These articles and related content is not a substitute for the guidance of a lawyer (and especially for questions related to GDPR), tax, or compliance professional. When in doubt, please consult your lawyer tax, or compliance professional for counsel. Sage makes no representations or warranties of any kind, express or implied, about the completeness or […]

GAAP accrual accounting recognizes revenue and expenses in the accounting period to which they relate, matching revenue and expenses. According to GAAP,  revenue recognition occurs when revenue is earned; expenses are accrued when an obligation to pay an expense was incurred. Accruals in Accounting are the expenses or revenues that have been recorded by the […]

A balance sheet is an overview of a company’s finances, including assets, liabilities, and equity. One potential downside of the percentage of completion method is that businesses may incidentally underpay or overpay for taxes depending on how accurately they estimate costs. Job costing is a form of project-based accounting that helps construction companies keep track […]