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- A booking is an executed (signed by both parties) contract between you and your customer for software and/or services. The contract contains products, pricing, and payment terms among other things. A contract is a customer-facing document, but a it’s a lot like an operating manual for accounting.
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Double-entry bookkeeping. A system that uses the balance sheet equation (assets = liabilities + equity) and the concept of debits and credits to post accounting transactions. Financial statements. A set of reports, including the balance sheet, income statement, and the statement of cash flows. General ledger.
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Discover the meaning of bookkeeping terms and accounting definitions - a quick A to Z guide helping you get smart about your business accounts.
- Importance of Bookkeeping
- The Accrual vs Cash Basis of Accounting
- Additional Resources
Proper bookkeeping gives companies a reliable measure of their performance. It also provides information to make general strategic decisions and a benchmark for its revenue and income goals. In short, once a business is up and running, spending extra time and money on maintaining proper records is critical. Many small companies don’t actually hire ...
In order to properly implement bookkeeping, companies need to first choose which basis of accounting they will follow. Companies can choose between two basic accounting methods: the cash basis of accounting or the accrual basis of accounting. The difference between these types of accounting is based on the timing for when the company actually recor...
Thank you for reading CFI’s guide to the Bookkeeping Process. To keep advancing your career, the additional CFI resources below will be useful: 1. Free Accounting Fundamentals Course 2. Analysis of Financial Statements 3. Disbursement 4. 3 Statement Model 5. Source Documents 6. See all accounting resources
- Accounts Payable. Accounts payable are short term obligations to be paid by an organization. It arises during the business from trading activities and other business-related expenses, including parties from whom we have purchased goods or services and/or costs incurred for which money is yet to be paid, generally in the same financial year.
- Accounts Receivable. Accounts Receivable Accounts Receivable Accounts receivables refer to the amount due on the customers for the credit sales of the products or services made by the company to them.
- Balance Sheet. Balance Sheet is a reconciliation of assets (current and fixed) along with the liabilities (current and non-current) and capital invested in an organization.
- Current Assets. Current assets refer to those resources of an organization that is realizable in the short term, generally during the same financial year.
From understanding assets and liabilities to deciphering income statements, this glossary will enhance your knowledge and empower you to make informed financial decisions. If you cannot find the bookkeeping terms or definitions you need, please contact us, and we will try and add them.
Bookkeeping TermsDescription Of Bookkeeping TermsMoney owed from a customer for a sales ...AccountingProcess of keeping the business financial ...AccountsThe financial statement of a business in ...Accounts PayableMoney owed to a supplier from bills or ...Jul 9, 2024 · Presented in alphabetical order, this glossary of accounting terms covers essential basics and key concepts. You can look up individual terms, or read the guide from start to finish for a quick crash course in accounting fundamentals.
This A-to-Z glossary defines key accounting terms you need to know. Accountants possess a wide range of skills critical for financial management and reporting. They maintain financial records, analyze data, offer financial insights, ensure compliance, prepare reports, support audits, provide financial advice, and utilize technology to optimize ...
