by pay@crispino.us | Jan 4, 2026 | Financial Statements, Terminologies
Shows changes in retained earnings during a period, including net income, dividends, and prior period adjustments. Links income statement and balance sheet. Useful for assessing profit reinvestment.
by pay@crispino.us | Jan 4, 2026 | Financial Statements, Terminologies
Shows changes in equity during a period, including investments, withdrawals, and retained earnings. It links the income statement and balance sheet. Useful in sole proprietorships and partnerships.
by pay@crispino.us | Dec 30, 2025 | Accounting Proram, Terminologies
The process of linking transaction categories to the correct accounts in the general ledger. Many systems automate mapping for common expenses and revenues. Ensures financial data is classified consistently.
by pay@crispino.us | Dec 28, 2025 | Chart of Accounts, Liabilities, Terminologies
Estimated costs associated with product warranties. Recorded when sales occur, based on historical data. It reflects obligations to repair or replace defective products.
by pay@crispino.us | Dec 28, 2025 | Accounting Proram, Terminologies
Allows businesses to set financial plans and compare them against actual results. Many systems provide alerts when spending exceeds limits. Supports proactive financial management.
by pay@crispino.us | Dec 27, 2025 | Recording & Adjustments, Terminologies
A collection of all accounts that summarizes transactions from journals. It is often referred to as the “book of final entry.” The general ledger provides the basis for financial statements.
by pay@crispino.us | Dec 23, 2025 | Accounting Proram, Terminologies
The main screen that provides a quick overview of financial performance, such as cash balance, invoices, expenses, and recent transactions. Dashboards give real-time insights to help users make decisions without running full reports. They act as the control center of...
by pay@crispino.us | Dec 23, 2025 | Assets, Chart of Accounts, Terminologies
The value of goods held for sale or raw materials used in production. It is a current asset expected to be converted into cash through sales. Proper tracking avoids stockouts and overstocking.
by pay@crispino.us | Dec 22, 2025 | Recording & Adjustments, Terminologies
The basic record of a financial transaction showing which accounts are debited and credited. Every transaction begins with a journal entry. Proper documentation ensures accuracy in ledgers.
by pay@crispino.us | Dec 17, 2025 | Chart of Accounts, Expenses, Terminologies
Tracks personal expenses mistakenly or intentionally paid from business funds (e.g., personal groceries, vacations). In accounting, these are recorded separately for clarity, then reclassified as Owner’s Drawings. Ensures accurate tax reporting.
