Author name: Editorial Staff

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Learn more about what small business accounting is, its importance, some terms to know, and steps you can take to create a small business accounting system. Picking the right fiscal year for your business can save you and bookkeeping your accountant a lot of time, money and stress. Cash sales can happen for several reasons,

These adjustments impact the company’s financial statements and require accurate record-keeping. Accurate accounting for returned merchandise is essential for financial reporting. When a customer returns a product, the business adjusts both sales and inventory accounts. Per Generally Accepted Accounting Principles (GAAP), this involves debiting the Sales Returns and Allowances account, a contra-revenue account that reduces