Control Accounts

Control accounts act as a single sum related to a large group of individual accounts. Examples include accounts receivable and accounts payable on the balance sheet. It is rare to find a control account on the income statement.  Most accounting software use subsidiary ledgers with control accounts.

Bookkeeping – Project (Job) Costing (Lesson 72)

Job Costing

Another tool used by accountants to evaluate financial performance is project costing.   It is also referred to as contract or job costing.   This lesson uses the term 'job' throughout.   Job costing focuses on a specific long-term project customarily associated with a contract signed with a customer.

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Bookkeeping – Tracking Invoices (Lesson 36)

Tracking Invoices

Every small business should track their sales in order to evaluate performance, opportunity and trends.  In a good system sales will identify date and time of purchase; customer's name and demographic information; items purchased with quantity and dollar values and finally, methods of payment. 

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