Typically, a voided check is used to get information needed for electronic payments because it includes details such as your routing number, account number, and check number. If you don’t have a voided check to supply to a third party, you do have other options to get one. You can ask your bank fo...

The bad debt expense is entered as a debit to increase the expense, whereas the allowance for doubtful accounts is a credit to increase the contra-asset balance. The Allowance for Doubtful Accounts is a contra-asset account that estimates the future losses incurred from uncollectible accounts receiv...

The recognition of accrual and deferral accounts are two core concepts in accrual accounting that are both related to timing discrepancies between cash flow basis accounting and accrual accounting. The recognition of a deferral results when a customer paid for a product or service in advance, or whe...

As you can see in the example below, the accounts receivable balance is driven by the assumption that revenue takes approximately 10 days to be received (on average). Therefore, revenue in each period is multiplied by 10 and divided by the number of days in the period to get the AR balance. The acco...

Maintain precise inventory records by recording each product’s purchase date, amount, and price once it enters your salon’s storage space. Now that we’ve covered the basics, it’s time to set up your salon’s accounting system. Proper organization and implementation of accounting software wi...

You need a reliable and knowledgeable team that knows the entire compliance process. An experienced outsourced back-office accounting services team can do the work for you. Our hospitality-specific accounting system is powered by accounting professionals with restaurant backgrounds who help operator...

QuickBooks also integrates with numerous other apps such as Bill.com, Vagaro, Wellness Living, and Acuity Scheduling. Schedulista provides massage businesses with a convenient online scheduling platform. You get a booking page on their website where you can advertise your service menu and prices and...

Credit lines give borrowers access to a set amount of money that they can borrow against in the future. The total amount a lender is willing to extend depends on a number of factors, including the borrower’s creditworthiness, income and ability to repay the borrowed funds. To do so, lenders e...