Category: Bookkeeping

However, for businesses that have a lot of cash transactions, particularly cash payments/disbursements, then a cash disbursements journal is essential for efficient cash management. A cash disbursements journal (also referred to as a cash payments journal) is a special journal that records all of a business’s cash payments or outflows. A cash book is a…

Because bookkeeping involves the creation of financial reports, you will have access to information that provides accurate indicators of measurable success. By having access to this data, businesses of all sizes and ages can make strategic plans and develop realistic objectives. Without bookkeeping, accountants would be unable to successfully provide business owners with the insight…

By automating reimbursable time with down-to-the-minute precision, you can better manage grant and project financial position with more accurate capturing of revenue and cost. In addition, you’ll be able to keep your program staff focused on project delivery instead of capturing time. The finance landscape is constantly evolving, and it can be a daunting task…

As you can see, no matter what the transaction is, the accounting equation will always balance because each transaction has a dual aspect. In above example, we have observed the impact of twelve different transactions on accounting equation. Notice that each transaction changes the dollar value of at least one of the basic elements of equation (i.e.,…