by pay@crispino.us | Oct 2, 2025 | Accounting Proram, Terminologies
A security feature requiring users to verify identity through two methods, such as a password and a mobile code. This prevents unauthorized logins even if credentials are stolen. Essential for safeguarding sensitive financial data.
by pay@crispino.us | Oct 2, 2025 | Key Accounting Concepts, Terminologies
Records revenues and expenses only when cash is received or paid. Simpler than accrual accounting but less accurate in reflecting true performance. Common in small businesses and sole proprietorships.
by pay@crispino.us | Oct 1, 2025 | Accounting Proram, Terminologies
The process of transferring financial data from one system to another. Often done when switching accounting platforms. Requires careful validation to maintain accuracy.
by pay@crispino.us | Oct 1, 2025 | Assets, Chart of Accounts, Terminologies
Consumable items used in daily operations, like paper, ink, or cleaning products. Supplies are assets until they are consumed. At usage, they are expensed.
by pay@crispino.us | Sep 30, 2025 | Chart of Accounts, Expenses, Terminologies
Costs for business permits, registration, or property taxes. Necessary to operate legally. Recurs annually or periodically.
by pay@crispino.us | Sep 28, 2025 | Chart of Accounts, Expenses, Terminologies
Donations made to nonprofits or community projects. Considered discretionary but enhances corporate image. Subject to tax rules for deductibility.
by pay@crispino.us | Sep 26, 2025 | Assets, Chart of Accounts, Terminologies
Fixed assets such as shelving, display racks, cash registers, and POS systems. They support day-to-day retail operations. Depreciated over their useful life.
by pay@crispino.us | Sep 26, 2025 | Accounting Proram, Terminologies
A document issued to correct or reduce an existing invoice, such as when goods are returned or an error is found. The software applies credit notes against outstanding balances. Helps maintain accurate receivables.
by pay@crispino.us | Sep 25, 2025 | Key Accounting Concepts, Terminologies
Assumes that a business will continue operating into the foreseeable future. This justifies reporting assets at historical cost rather than liquidation value. If the going concern is doubtful, disclosures are required.
by pay@crispino.us | Sep 25, 2025 | Chart of Accounts, Liabilities, Terminologies
Similar to unearned revenue, but often used for long-term obligations like software subscriptions or annual service contracts. Recognized gradually as services are performed. Ensures revenue recognition compliance.
