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 | Sep 29, 2026 | Chart of Accounts, Expenses, Terminologies
Represents reductions in sales revenue due to returned goods or price concessions. A contra-expense account that offsets revenues. Important for tracking customer satisfaction and product quality issues. by pay@crispino.us | Sep 23, 2026 | Chart of Accounts, Expenses, Terminologies
Compensation paid to employees for their services. Usually the largest operating expense for many businesses. Includes base pay but excludes benefits. by pay@crispino.us | Sep 17, 2026 | Chart of Accounts, Expenses, Terminologies
Spending on mailing letters, shipping products, or courier services. Often minor but necessary. Essential in businesses reliant on logistics. by pay@crispino.us | Sep 14, 2026 | Chart of Accounts, Expenses, Terminologies
Unlike corporations, sole proprietors don’t earn a formal salary; they draw money instead. However, some businesses track an “Owner’s Salary” account informally to monitor consistent withdrawals. It always closes out to drawings/capital at year-end. by pay@crispino.us | Aug 20, 2026 | Chart of Accounts, Expenses, Terminologies
Covers fuel, repairs, and upkeep of company-owned vehicles. Essential for logistics and transportation-heavy businesses. Requires mileage tracking for compliance.