Even though cheques aren’t as common as they once were, they’re still used and there can be some important things to know. Your bank or financial institution considers a cheque to be stale-dated when it becomes too old, which is usually after six months. In order for stop payments to…

A sale made in cash would instead be recorded in the cash receipts journal. In short, the information stored in the sales journal is a summary of the invoices issued to customers. Now, there is software that automatically enters the day, time, and even the name of the goods sold.…

Or visit our solutions pages to learn more about our royalty tracking software. Notice that recouping an advance doesn’t really impact your value or your profitability. You don’t have to pay the author as much, but they don’t owe you as much either. Imagine that your newly released, internationally acclaimed…

Receivables represent funds owed to the firm for services rendered and are booked as salary and wages an asset. Accounts payable, on the other hand, represent funds that the firm owes to others and are considered a type of accrual. Proper double-entry bookkeeping requires that there must always be an…

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