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December 17, 2019

Charles Lutwidge
Posting in Accounting

Posting in Accounting

Businesses around the world make millions of payments every day. Every business that conducts business as a legal entity makes a large number of financial transactions that it has to keep under control. Therefore, the law requires all state and...

Reading Time 2 mins
4 / 5 (1 voted)
Never Worry About Your Bookkeeping Again
Never Worry About Your Bookkeeping Again

Delegate your financial records to a highly qualified bookkeeper and forget about bookkeeping stress forever.

December 17, 2019

Charles Lutwidge
Sales Journal

Sales Journal

Credit sales are very popular in the consumer market and quite common even in small businesses, often exceeding cash sales. This is because, with this method of trading, the buyer receives the goods immediately and pays for them for several...

Reading Time 4 mins
0 / 5 (0 voted)

December 05, 2019

Charles Lutwidge
Control Accounts

Control Accounts

Use of Control Accounts A control account summarizes a set of subsidiary accounts. Large businesses use it to minimize the summary postings in the general ledger. Instead, enterprises record all the transaction details in a separate subsidiary ledger. Such actions...

Reading Time 3 mins
3.3 / 5 (3 voted)

December 05, 2019

Charles Lutwidge
Contra Expense Account

Contra Expense Account

Businesses need to know what contra accounts are to keep accurate accounting records. They also allow us to follow the matching principle. Expense accounts have a normal debit balance, which means they increase with debit entries. A contra account reduces...

Reading Time 3 mins
0 / 5 (0 voted)

December 03, 2019

Charles Lutwidge
Accrual to Cash Conversion

Accrual to Cash Conversion

Businesses manage their finances using either cash or accrual basis accounting. One of the most complicated concepts to understand in accounting is converting a set of accrual-based books for a cash basis tax return. Accrual accounting is the standard for...

Reading Time 3 mins
3.7 / 5 (6 voted)

December 03, 2019

Charles Lutwidge
What is Accounting Transaction Analysis

What is Accounting Transaction Analysis

The accounting transaction analysis is the process of translating the business activities and events that have a measurable effect on the accounting equation into the accounting language and writing it in the accounting books. This is the first stage in the...

Reading Time 4 mins
3.8 / 5 (8 voted)

December 03, 2019

Charles Lutwidge
What is the accounting cycle?

What is the accounting cycle?

An accounting cycle is a system of actions for identifying, summarizing, and submitting reports on economic events and operations. The stages of the accounting cycle include maintaining transaction records in the ledger, drawing up a trial balance, reconciling accounts, drawing...

Reading Time 3 mins
0 / 5 (0 voted)

December 02, 2019

Charles Lutwidge
What Is a Contra Account: Definition and Example

What Is a Contra Account: Definition and Example

Define Contra Asset Account A contra account is a type of asset account that has a credit balance, as opposed to the debit balance of a normal asset account. A contra account will naturally have an associated account, and the...

Reading Time 3 mins
5 / 5 (1 voted)
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