Credit Card/Debit Card, Same Thing, Right? No.
A debit card transaction is just that – an immediate debit from your bank account. But a credit card represents not-yet-paid expenses, and therefore, it is actually a liability account. The data [...]
To Invoice, or Not to Invoice, That is the Question…
There are several ways to record sales in QuickBooks. Sometimes it’s best to make invoices, sometimes it’s not. What it really depends on is if you are looking to track individual customers or [...]
What is a Balance Sheet and What Can It Tell Me?
In a previous post, we addressed the P&L. The other important financial statement is the Balance Sheet. One way to think of it is a report of what you own and what you owe. It has three major [...]
What is a Profit & Loss Statement, and What Do I Use It For?
Put simply, a Profit & Loss Statement (also called P&L or Income Statement) is the report that summarizes your business income and expenses. There are three types of accounts that go on [...]
