by pay@crispino.us | Dec 14, 2025 | Assets, Chart of Accounts, Terminologies
A small fund kept on hand for minor or incidental expenses like office supplies or local travel. It avoids the need for frequent check issuance or credit card use. The fund is replenished periodically with documentation.
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 29, 2025 | Chart of Accounts, Equity, Terminologies
Withdrawals by individual partners for personal use. Reduces that partner’s equity. Recorded separately to monitor distributions.
by pay@crispino.us | Nov 29, 2025 | Assets, Chart of Accounts, Terminologies
Physical structures owned by the company used for operations. Buildings are depreciated over their useful life. Maintenance is expensed, while improvements are capitalized.
