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Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples] 

Patriot Software

When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.

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Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

Accounting operates within its own language, a system of terms and conventions that serve as the backbone of financial communication and analysis. Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow.

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Steps to Clean Up Accounting Records: A Checklist

xendoo

Taking steps to clean up accounting records can be a big undertaking for small business owners. You may diligently record your accounting transactions or have hired someone to take care of accounting for you. When and Why You Need to Clean Up Your Books. There are many reasons to have clean accounting books each month.

Account 111
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What Are the Types of Revenue Small Business Owners Need to Know?

Patriot Software

When you make a sale or earn money from another activity, you need to record it. Learn how to record the types of revenue in different accounts. That way, you can keep your accounting books updated, organized, and legal. Revenue, or sales, […] READ MORE. What is revenue?

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What Is Inventory?

Patriot Software

Knowing how much inventory you have is crucial for managing accurate small business accounting books, ordering new stock, and making pricing decisions. Inventory meaning Inventory represents the goods your small business has for sale or in storage. Unless you own a service-based business, you likely have inventory.

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Manual vs. Automated Accounting: What’s the Difference

Accounting Seed

Even in the 21st century, it’s still possible to do your bookkeeping with paper spreadsheets or account books. If manual accounting works for you, nobody can force you to change. Accounting standards are the same whether you use ledgers or laptops. Automated accounting programs save more time and offer more benefits.

Account 52
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Accounts Receivable (AR) Automation: The Solution To The Collection Problem

Accounting Seed

If you’re running a booming business with plenty of credit sales, it’s great news for your company. You’re constantly entering sales figures in accounts receivable (AR), invoicing customers, remembering whether they’ve paid, contacting them if they haven’t, and adjusting AR when they settle up. What are Accounts Receivable?

Account 52