Small Business

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Foreign exchange accounting

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  • Updated over 2 years ago by vince
Chart of Accounts

Journal Entries for partners in a business

1. Partners transfers money to start the company | Journal Entry | | | | |---------------|------------------|--------:|--------:| | DR Cash | ...

Accounting Software

Accounting Definitions

Contra Account: A contra account is used in a general ledger to reduce the value of a related account when the two are netted together. A contra account's natural balance is the opposite of the ass...

Journal Entries for Partnerships

"Anytime a partner invests in the business the partner receives capital or ownership in the partnership. You will have one capital account and one withdrawal (or drawing) account for each partner....

Accounting Made Simple

Accounting is a system to track the income, expenses, assets, and debts of a business A business's accounting records tell the true story of a business -- you can learn practically anything about a...

Accounting 101 with Jimmy Stewart Podcast

Excellent way to learn accounting while driving It's also available as an ebook

LLC related definitions

Membership interest: The percentage share that a member owns in the LLC. Also called ownership interest or capital interest. Tax basis: The basis that the membership interest was set when becoming...

LLC Management

An LLC can have Member Management (default) or Manager Management (one or more managers chosen by the members). This is usually specified in the LLC certificate and chosen when filing the LLC

Double-Entry Accounting

Assets = Liabilities + Equity This accounting equation is the foundation of double-entry accounting. If at any point this equation is out of balance, that means the bookkeeper has made a mistake so...

LLC Taxes

An LLC can be taxed either as a pass-through a corporation

LLC Shares

Arrangements typically used to setup an LLC and divide assets and profits and losses among members For sole proprietorships it's straightforward. For partnerships that are converting to an LLC the...

Parking funds with a Merrill Edge account at Bank of America

I had a personal checking account at Bank of America linked to my Merrill Edge account which worked well so I thought I'd do the same with our LLC checking account. Not only does the funds in your...

  • Updated over 3 years ago by vince