Every business needs a way to track its income and expenses. This is where accounting systems come in, with two main options: cash basis and accrual basis. Understanding the difference between these two will help you pick the right system for your business. Cash Basis Accounting Think of cash basis accounting as tracking money in […]
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In bookkeeping, debits and credits are foundational concepts used to record financial transactions. They form the basis of double-entry accounting, a system that ensures accuracy and maintains the balance in the accounting equation: Assets = Liabilities + Equity. Let’s use some practical examples to illustrate the concept: Debit (Dr): Office Supplies (Asset) $500Credit (Cr): Cash
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To add new customers to QuickBooks Online (QBO), gather essential contact details such as company name, billing address, business telephone number, and the primary contact’s first and last name. Additionally, determine the payment terms you’ll offer, like net 30 or net 60 days. Follow specific steps in QBO to seamlessly add a new customer. Go
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Using apps in QuickBooks Online (QBO) comes with numerous benefits and a few risks. On the positive side, apps enhance QBO’s functionality, providing a comprehensive solution for various business aspects. With over 700 seamlessly integrated apps in the QuickBooks Apps Center, you can efficiently manage tasks such as inventory, online payments, bill payments, and eCommerce
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