Posts Tagged ‘Bookkeeping’
What is the Difference Between Bookkeeping and Accounting?
Source: Small Business Trends | Repost QBScott 6/22/2022 – Small businesses need to ask important questions, such as ‘What is the difference between bookkeeping and accounting?’ The bottom line is both are needed to corral financial records and understand them. Critical financial decisions get made based on the different approaches. And the results from accounting…
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10 Insights to Help You Become A Better Small Business Leader
Source: smallbiztrends.com | Repost QBScott 2/13/2020 – Entrepreneurs need to have strong leadership qualities in order to manage employees, communicate with customers, and outline a clear vision for their company. There are plenty of different styles and aspects that go into being a good leader. So here are some various insights from members of the…
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The Top Accounting Challenges Small Businesses Face
There are many things a small business owner must focus on including keeping track of the company finances. This article from business.com highlights many of the challenges about keeping the books and how to best overcome them. Please enjoy the article and email me at scott@qbscott.com with any questions you have. Source: business.com | Re-Post…
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6 Advantages of Using Small Business Accounting Software
Small businesses are always looking for ways to save money. One way is to do the accounting work themselves. There are a number of different software packages out there that can meet a small business owner’s needs. This article from The Balance Small Business discusses 6 advantages of using small business accounting software to help…
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8 Common Accounting Mistakes Small Businesses Make
Accounting errors happen from time to time and many can be avoided if you plan properly. Part of planning is knowing which errors are most common and what to do to avoid making them. This article from The Balance Small Business talks about 8 of the most common mistakes that business owners make that will…
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July 2018 Update
Here’s what happened in July and some plans for August. In July, nearly 100 students enrolled in my new video training course 7 Ways to Improve your QuickBooks® Workflow! This is a great course if you’re new to QuickBooks® Online or want to learn some time-saving tips. Click the link below for more details. Students are…
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T-Account Example
For the image below, total Debits less total Credits equal the Account Balance. So, in the example in the image, total Debits of 2,675 less total Credits of 275 equal 2,400. This is a Debit amount since, in this example, Debits are greater than Credits.
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What T-Accounts do
All Debits and Credits are tracked in an Account’s T-Account. When tracked properly, it’s easy to figure out the balance of an account.
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How T-Accounts help
Each Account has it’s own T-Account. This allows proper transaction tracking of Debits and Credits.
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Anatomy of a T-Account
A T-Account visually represents the impact transactions have on a particular account. As seen in the image, the white “T” allows space for an Account Name (at the top), Debit Side (Left), and Credit Side (Right). It’s a simple visual that helps when trying to understand the balance of an account.
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