For instance, you might assign one code to office supplies, another to travel expenses, and yet another to a specific project or department. Each code adds another layer of information, helping you track expenses down to the last detail. When…
If you have long-term goals, consider whether leasing or renting is better. Leasing is a good option if you want to stay in one place for at least a year or become a homeowner. In contrast, renting may be more…
When we talk about the “normal balance” of an account, we’re referring to the side of the ledger. The credit side of a liability account represents the amount of money that the company owes to its creditors. By contrast, a…
In simpler terms, if an account is primarily used to record expenses or assets increases, it’s expected to regularly show a debit balance. When you’re tracking assets like cash or inventory, the more you accumulate, the higher your debit balance…
