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.