by pay@crispino.us | Jan 15, 2026 | Chart of Accounts, Expenses, Terminologies
The cost of items like pens, paper, and printer cartridges consumed during operations. Recorded when used, not purchased if immaterial. Distinct from inventory.
by pay@crispino.us | Jan 7, 2026 | Chart of Accounts, Expenses, Terminologies
Covers landline, mobile, and data communication costs. Increasingly includes VoIP and internet-based communications. Supports day-to-day operations.
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.
by pay@crispino.us | Dec 12, 2025 | Chart of Accounts, Expenses, Terminologies
Payments for services from external experts like lawyers, accountants, or consultants. Recognized when services are rendered. Often project-specific.
by pay@crispino.us | Dec 8, 2025 | Chart of Accounts, Expenses, Terminologies
A catch-all category for minor expenses that don’t fit elsewhere. Should be monitored to avoid misuse. Best practice is to keep this account minimal.
by pay@crispino.us | Nov 30, 2025 | Chart of Accounts, Expenses, Terminologies
The cost of borrowing money through loans or bonds. Recorded based on accruals, not just payments. Impacts net income directly.
