Category Archives: Bookkeeping

In business, we usually need to return the damaged goods that we have purchased back to the supplier in order to receive the cash refund or the credit if the purchase is on the account. Likewise, we need to make the journal entry for the return of damaged goods to the supplier in order to…

For instance, if you hire a construction contractor for your company, detailed transaction reporting will identify the employee that approved the quote. These practices ensure timely monitoring of the general ledger in accounts payable, which supports financial accuracy and prevents discrepancies. Now, let’s explore methods for detecting and addressing accounting errors to further ensure the…

Accounts Receivable is the amount of money owed to a business by its customers. When setting up a new company file, QuickBooks will prompt users to enter the opening balances for each customer account. After creating the journal entry to transfer the balance in the opening balance equity account to the appropriate equity accounts, the…

For example, the cupcake shop may be able to predict the cost of sugar and other ingredients fairly regularly for months. And even if changes do happen, they are unlikely to affect the cupcake business’s financial bottom line. Discover the 10 profit mistakes home builders often make and how to avoid them. Learn how to…