Business and Accounting Basics

Understanding your finances can feel overwhelming, especially if you’re new to bookkeeping or running a small business. But don’t worry! Accounting tools are here to help. Think of them as your digital assistants, simplifying complex financial tasks and providing valuable insights into your business’s health. Understanding accounting tools Accounting tools …

Are you passionate about numbers and have a knack for problem-solving? A career in accounting could be your perfect match. Accountants are the financial architects who shape the success of individuals and businesses. They transform complex financial data into clear, actionable insights. From ensuring accuracy in financial records to providing …

In the world of finance, discounts are a common occurrence. But have you ever wondered what “discounts allowed” mean and how they’re handled in bookkeeping? This article will explain everything you need to know, including why they’re issued and how to record them in the 3 column Cash Book. What …

Posting to Journals is step 2 of the Accounting Cycle. After sorting out your Source Documents into cash and credit transactions, it is time to record the amounts in the 7 Journals, also called Day Books and Books of Original Entry. Students of accounting and business owners who record daily …

Ledgers is the third step in the Accounting Cycle. After you sort out Source Documents and record the amounts into the 7 Journals, the figures then go to the ledger accounts. Each account records details of every activity that happens in a business. From the day the owner invests money …