Income, Expense, or Neither?
Money goes in, money goes out, it all ends up somewhere on the P&L, right? Nope. Take our quiz to see what counts and income and expense, and what doesn’t. Is This Considered Income? 1. [...]
Undeposited Funds: The most underrated GL account
As mentioned in our last post, it’s important for your books to match your bank statements. That’s where undeposited funds comes in. It serves two purposes: to group payments going in the bank [...]
Bank Reconciliations – the Why and the How
Your bank account is the ultimate truth in your business, so it’s important that your books are reconciled to the statements. Any number of things can happen throughout the course of the month: [...]
