Bookkeeping
Double Entry Accounting is a form of recording financial transactions for businesses. In its most basic form double entry accounting is a system where a...
Thu, 24 Jun, 2021 at 2:28 PM
I spent months of my life staring blankly at accountants trying to understand why income was a credit, but a bank account with lots of money in it was a deb...
Thu, 24 Jun, 2021 at 2:28 PM
It is important to make sure your financial reporting periods are setup correctly so that the end of year process automates correctly. Changing dates of...
Fri, 12 Jan, 2024 at 10:03 AM
You can use fuel scale charges to work out how much VAT to pay back on fuel if you use a business car for private purposes. This means you do not have to ke...
Thu, 24 Jun, 2021 at 2:30 PM
Deferred revenue refers to advance payments a company receives for goods or services that are to be delivered or performed in the future. The company receiv...
Thu, 24 Jun, 2021 at 2:30 PM
In cases where you have raised the invoice but have not yet delivered the goods or services, you are able to utilise accrual dates so that the revenue is re...
Mon, 27 Nov, 2023 at 4:45 PM
If you have an invoice for a customer and a bill from this same contact you can use the steps below to make a contra payment. First, you will need to cr...
Mon, 27 Nov, 2023 at 4:48 PM
Step 1. Head to Purchases > Bills > Create a bill > Enter all the required fields marked with an asterisk. Step 2. Mark the deposit b...
Thu, 24 Jun, 2021 at 2:30 PM
In this example, a loan account has been created as a new loan account with an opening debt of £10,000 (created by transferring money from the loan account ...
Mon, 27 Nov, 2023 at 4:51 PM
This guide outlines the steps within Clear Books an expense can be accounted for that is due to be paid sometime in the future. Step 1. Navigate to the...
Mon, 27 Nov, 2023 at 4:50 PM