Posts by Scott Meister, CPA
What are Liabilities?
Liabilities appear on a company’s Balance Sheet and are what the company owes. Per the basic accounting formula, Liabilities have to equal Assets minus Owners’ Equity. The company is obligated to pay their liabilities.
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Create an Estimate QuickBooks® Online Keyboard Shortcut
Accessing the Create an Estimate screen in QuickBooks® Online can be simplified by using the keyboard shortcut Ctrl + Alt + E (Ctrl + Option + E for Mac users). Try using the keyboard shortcut Ctrl + Alt + E (Ctrl + Option + E for Mac users) the next time you need to create…
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What are Assets?
Assets appear on a company’s Balance Sheet and are what the company owns. Per the basic accounting formula, Assets have to equal Liabilities plus Owners’ Equity. If the company desired, they could sell the Assets, since they own them.
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Write Checks QuickBooks® Online Keyboard Shortcut
Just thought I’d share one of the many keyboard shortcuts available in QuickBooks® Online, Ctrl + Alt + W (Ctrl + Option + W for Mac users). The next time you need to write a check in QuickBooks® Online, try using the keyboard shortcut Ctrl + Alt + W (Ctrl + Option + W for…
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The Basic Accounting Formula
The basic accounting formula is: Assets = Liabilities + Owners’ Equity. This formula can also be written as:Liabilities = Assets – Owners’ Equity. Additionally, this formula can be written as: Owners’ Equity = Assets – Liabilities. When looking at financial reports for a company, you’ll notice that this formula represents the Balance Sheet. When looking…
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