Bookkeeping

Regularly reconciling your books can also help you spot unauthorized or fraudulent bank transactions, and even help you stay on top of any payments your customers might be behind on. Businesses will usually reconcile their recording transactions books in this way once a month, along with other ‘month end’ tasks like posting receipts, sending out […]

Is Accumulated Depreciation a Debit or Credit Balance? The useful life in years is the amount of time that you expect this asset to be usable for your needs, which is then divided by the amount to be depreciated. A financial forecast tries to predict what your business will look like (financially) in the future—which

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Equipment will be depreciated over its useful life by debiting the income statement account Depreciation Expense and crediting the balance sheet account Accumulated Depreciation (a contra asset account). An accounting method wherein revenues are recognized when cash is received and expenses are recognized when paid. The cash basis of accounting is usually followed by individuals

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For example, if a business buys inventory for ₹50,000, it will increase (debit) its inventory account while decreasing (credit) its cash account by the same amount. This method ensures that the accounting equation remains balanced, with debits always equaling credits. Substance over form states that financial statements and facts disclosed to the public about a