How to Void a Check

You do not have to expose much about your essential details with these. If the recipient is not careful, your banking information may become accessible to thieves who will not think twice about robbing your hard-earned funds. The funds will be automatically taken from your account, depending on how you set things up. You only […]

Closing Entries: Step by Step Guide

To complete the Revenue account, you must debit the revenue account and credit an Income Summary Account account. The income Summary account is a temporary account where you would transfer the balance from the Revenue and Expense account. Clear the balance of the expense accounts by debiting income summary and crediting the corresponding expenses. Temporary […]

Nonprofit Accounting Basics: Chart of Accounts

A nonprofit will need to provide receipts so donors can write off these donations. Outsourced bookkeeping can help an organization handle these tasks, while offering advice on changing tax requirements and codes. Create a realistic operating nonprofit accounting basics budget at the start of each year, and if it needs corrections later on, don’t worry. […]