How to Implement a Cash Discount at Your Business

Yes, cash discounting is legal in all US states, provided that businesses follow compliance regulations. Have you ever found yourself wondering about what cash discounting is and how it works? If the cash discount is not availed, the net amount due is to be paid within Net 30 days. Legal cash discount programs must present […]

Types and Purpose of Adjusting Entries

Accrual basis accounting records revenue when products and services are delivered to customers. The expenses are matched with the revenues that they produce. Cash basis accounting records revenue when cash is received from customers. Non-cash expenses – Adjusting journal entries are also used to record paper expenses like depreciation, amortization, and depletion. These expenses are often […]

Single-Step Income Statement: Definition and Example 2023

Receipts are the cash received and are accounted for when the money is received. What you can do is list each product individually on your balance sheet if you need more detailed numbers about what makes up your total revenue. A single-step income statement gives you a basic understanding of how much money you made […]

Bookkeeper Explore careers

There are online courses where you can learn the basics of bookkeeping. So if you’re meticulous, have a head for numbers and enjoy problem-solving, bookkeeping offers you countless career choices. ICB is the leading anti-money laundering (AML) supervisor for self-employed Access all Xero features for 30 days, then decide which plan best suits your […]