by pay@crispino.us | Sep 6, 2026 | Accounting Proram, Terminologies
Refers to accounting software hosted online rather than installed locally. It allows access from any device with internet connectivity. Cloud systems often include automatic backups and updates for convenience.
by pay@crispino.us | Sep 5, 2026 | Recording & Adjustments, Terminologies
Costs paid in advance that will benefit future periods, such as prepaid insurance or rent. Initially recorded as assets, then expensed gradually. Matches costs with related revenues.
by pay@crispino.us | Sep 2, 2026 | Assets, Chart of Accounts, Terminologies
Represents reductions in purchases when goods are returned or discounts are received for defective merchandise. It is a contra-account to Purchases. Provides insights into vendor reliability.
by pay@crispino.us | Sep 1, 2026 | Chart of Accounts, Liabilities, Terminologies
Expenses incurred but not yet paid, such as wages, utilities, or taxes. They ensure liabilities are recorded when incurred, not just when paid. This maintains accrual-based accuracy.
by pay@crispino.us | Aug 30, 2026 | Accounting Proram, Terminologies
User-designed financial or operational reports that go beyond standard templates. They allow tailoring of filters, layouts, and metrics to business needs. Supports deeper analysis and decision-making.
