Recent Articles

Chart of Accounts

The goal of accounting is to record the economic activity of the business. This is achieved by entering each economic transaction into a set of books. The books are formatted to reflect the balance sheet and income statement items. The chart of accounts is designed to present the information in the prescribed format. So the layout of the chart of accounts is essential in the final outcome of reports for the entrepreneur.

Working Trial Balance

02/18/2017

The accounting profession uses various tools to generate accurate accounting information at the close of accounting cycles (monthly, quarterly and annually). The primary document is the working trial balance.  It is very similar to the traitional [...]

Bookkeeping – Payroll Structure (Lesson 30)

01/31/2017

Every bookkeeper needs to understand how to process a payroll.   This is one of the many regular tasks in the bookkeeping cycle.   In this lesson I’m going to illustrate a payroll structure as it pertains to the chart of accounts.   But [...]

Bookkeeping with QuickBooks (Lesson 27)

01/26/2017

QuickBooks by Intuit is by far the best all around accounting software for small business.   Intuit even creates industry specific versions of QuickBooks.  I personally endorse the Pro version due to the payroll feature and class accounting [...]

Bookkeeping – Other Expenses and Revenue (Lesson 19)

01/13/2017

In accounting sometimes an extraordinary  event occurs.   When this happens the associated revenue and expense is recorded in the expense type of accounts.   There are two different methods used to record this transaction – gross or net.   [...]
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