by pay@crispino.us | Oct 9, 2026 | Chart of Accounts, Equity, Terminologies
Represents equity ownership in subsidiaries not fully owned by the parent company. Shows the portion belonging to outside investors. Important in consolidated financials. by pay@crispino.us | Oct 8, 2026 | Internal Controls & Compliance, Terminologies
A documented history of a transaction that allows it to be traced from initiation to reporting. Ensures accountability and transparency. Auditors rely on audit trails during examinations. by pay@crispino.us | Oct 7, 2026 | Accounting Proram, Terminologies
Issued to increase the amount payable on an invoice, often due to under-billing or additional charges. Works as the opposite of a credit note. Ensures accuracy in payables and receivables. by pay@crispino.us | Oct 7, 2026 | Assets, Chart of Accounts, Terminologies
Non-physical assets like patents, trademarks, copyrights, and goodwill. They provide future economic benefits but lack physical substance. They are amortized rather than depreciated. by pay@crispino.us | Oct 4, 2026 | Chart of Accounts, Expenses, Terminologies
Payments to outside contractors or freelancers who provide part of a contracted service. Common in construction, design, and professional services. Considered a direct operating expense. by pay@crispino.us | Oct 1, 2026 | Assets, Chart of Accounts, Terminologies
Goods purchased for resale in retail or merchandising businesses. It is a current asset until sold, after which it moves to Cost of Goods Sold. Proper tracking helps maintain accurate gross profit reporting. by pay@crispino.us | Sep 29, 2026 | Chart of Accounts, Expenses, Terminologies
Represents reductions in sales revenue due to returned goods or price concessions. A contra-expense account that offsets revenues. Important for tracking customer satisfaction and product quality issues. by pay@crispino.us | Sep 29, 2026 | Accounting Proram, Terminologies
Functions that allow movement of information in and out of the software, often through spreadsheets or APIs. Useful for migrating data or integrating with other systems. Promotes flexibility and continuity. by pay@crispino.us | Sep 29, 2026 | Chart of Accounts, Liabilities, Terminologies
Money received before goods or services are delivered. It is a liability until the company fulfills its obligation. Examples include advance payments for subscriptions or bookings. by pay@crispino.us | Sep 26, 2026 | Measurement & Valuation, Terminologies
The estimated value of an asset at the end of its useful life. Used in calculating depreciation. Also called salvage value.