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.
by pay@crispino.us | Nov 15, 2025 | Chart of Accounts, Expenses, Terminologies
Costs of transporting goods to customers or between facilities. Essential in supply chain-heavy industries. May be charged to customers or absorbed by the company.
by pay@crispino.us | Oct 26, 2025 | Chart of Accounts, Expenses, Terminologies
The systematic allocation of an asset’s cost over its useful life. Reflects wear, tear, and obsolescence. Recorded periodically to match expense with revenue.
