Financial Statements | Bookkeeping Basics
The three main financial documents are: 1. Balance Sheet 2. Profit and Loss (P&L) or Income Statement 3.Cash Flow Statement.
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Trial Balance | Bookkeeping Basics
How do you turn transactions you make in your books into financial statements? Once you summarize your journal entries at the end of the...
The General Ledger | Bookkeeping Basics
What is a General Ledger? Simply put, the general ledger is a master document that summarizes all your business transactions.
An Introduction to Journal Entries | Bookkeeping Basics
Journal entries provide initial details about financial transactions in your business.
Chart of Accounts | Bookkeeping Basics
The chart of accounts is a list of all the financial accounts used in your business. Accounts can vary based on industry, and size.
Debits and Credits | Bookkeeping Basics
What are Debits and Credits? Simply put, debits (dr) record money (or assets) going into your business and credits (cr) record money out.
The Accounting Equation | Bookkeeping Basics
The accounting equation is considered the foundation of double-entry bookkeeping. It is Assets = Liabilities + Owners’ Equity.
Single-Entry vs. Double-Entry Bookkeeping
When starting a business, one of the first decisions you'll need to make is how you’re going to record your transactions.
Important Deadline Extensions | COVID-19 Economic Relief
As of March 25, 2020, here are the current extension deadlines for certain taxes
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