Notes Payable Definition, Journal Entries, and Examples
In contrast, accounts payable (A/P) do not have any accompanying interest, nor is there typically a strict date by which payment must be made. The cash amount in fact represents the present value of the notes payable and the interest included is referred to as the discount on notes payable. The debit is to cash […]
QuickBooks User Certification
Taking the QuickBooks ProAdvisor route equips you with in-depth knowledge and hands-on experience that you can leverage to guide businesses effectively. It enables you to offer personalized solutions, optimize financial processes, and help clients make informed financial decisions. As a certified QuickBooks ProAdvisor, you become a trusted advisor, known for your ability to provide businesses […]
Accounting & Bookkeeping for Construction Companies
In many cases, you need to have your financial records for at least three to seven years (varying by state and type of record) so losing them would cause a lot of problems. Not only does invoice tracking allow you to know where exactly your money is going, but it can also be useful if […]
What is Opening Balance Equity and How Does It Affect Your Business? Huskey Practice Manager Blog
For the correct adjustment procedure, the ending balance should be entered, bank-cleared items should be marked, and then the balance should be reconciled to zero. Whenever a company gets part of the cash from loans or other financing facilities, then the accountant should increase the liability on the credit side of the journal entry as […]
