double entry bookkeeping payroll payroll tax Sales 
inDinero Accounting
JUNE 29, 2023
On the accounting side, GAAP requires specific methods for recording transactions, such as double-entry bookkeeping, which involves debiting one account while crediting another in order to maintain accuracy in recording data. This process occurs before any cash payment is made or taxes are due.
Snyder
JUNE 20, 2022
Following the double-entry accounting method, you need to record the sale amount in your cash account as an increase (or debit) and as a decrease (or credit) in your inventory account. The double-entry method is more accurate and less error-prone, as it provides a detailed view of how the money moves throughout your business.
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