by pay@crispino.us | May 2, 2026 | Assets, Chart of Accounts, Terminologies
Purchased or developed computer programs used for operations. Considered an intangible asset, but recorded separately for clarity. May be amortized over its useful life. by pay@crispino.us | May 2, 2026 | Other Key Terms, Terminologies
The conclusion issued by an auditor on financial statements. Types include unqualified (clean), qualified, adverse, and disclaimer. It influences stakeholders’ confidence. by pay@crispino.us | May 1, 2026 | Accounting Proram, Terminologies
Technology that scans and extracts data from receipts, invoices, or documents into the system automatically. Reduces manual entry. Enhances efficiency in expense management. by pay@crispino.us | May 1, 2026 | Accounting Proram, Terminologies
Settings that define what different people can access within the system, such as admin, accountant, or viewer. This ensures data security and proper segregation of duties. It helps prevent unauthorized changes to sensitive financial data. by pay@crispino.us | Apr 30, 2026 | Chart of Accounts, Income, Terminologies
Income earned from performing services rather than selling physical goods. Examples include consulting, rentals, or legal services. Recognized when the service is performed. by pay@crispino.us | Apr 26, 2026 | Accounting Fundamentals, Terminologies
A detailed ledger that supports a control account in the general ledger, such as Accounts Receivable or Accounts Payable. It contains individual customer or vendor balances. Helps businesses track details without cluttering the general ledger. by pay@crispino.us | Apr 24, 2026 | Chart of Accounts, Liabilities, Terminologies
Funds received from customers as a guarantee of future performance. Treated as a liability until the service or product is delivered. Common in construction or real estate industries. by pay@crispino.us | Apr 22, 2026 | Financial Statements, Terminologies
Supplementary explanations accompanying financial statements. They provide details about accounting policies, assumptions, or contingent liabilities. They ensure transparency and compliance with accounting standards. by pay@crispino.us | Apr 21, 2026 | Chart of Accounts, Income, Terminologies
Earnings from investments, bank deposits, or loans. Provides passive income outside main operations. Recorded when earned, not necessarily received. by pay@crispino.us | Apr 14, 2026 | Chart of Accounts, Liabilities, Terminologies
Money owed to suppliers for goods or services received but not yet paid. It is typically short-term and settled within the operating cycle. Proper management ensures supplier trust and cash flow balance.