Accounting BasicsFor some, the words debit and credit may sound foreign. It's one way of describing today's double-entry accounting system. When accountants record a business transaction, it is recorded in at least two accounts One account will receive a "debit" entry and another account will receive a "credit" entry. What is an account? To keep a company's financial data organized, accountants developed a system that sorts transactions into records called "accounts". Because every business transaction affects at least two accounts, our accounting system is known as a double-entry system. This is the basics of recording an entry. Some journal entry's can have more than two lines but in the end they must balance. Source: Accounting Coach By recording your dreams and goals on paper, you set in motion the process of becoming the person you most want to be. Put your future in good hands — your own.”–Mark Victor Hansen
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AuthorMy mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions. |