What is a general ledger account

General Ledger (Ledger) is the main consolidated accounting register, which reflects data for the reporting year for all accounting accounts used by the company. It consists of General Ledger Accounts. For each account in General Ledger are recorded from the corresponding registers (order logs, etc.): balance as of January 1 of the reporting year; debit … Continue reading “What is a general ledger account”

What is a Contra Revenue Account

A contra revenue account needs while the bookkeeper is preparing some important statements about finances. However, one should always remember that the contra revenue account must be analyzed not separately but together with the revenue account, to see and to calculate the difference between these two accounts. Contra Revenue Accounts — Examples It is useful … Continue reading “What is a Contra Revenue Account”

What is Xero?

Xero is a small software company operating in Australia and New Zealand. The company offers a SaaS accounting service similar to Russian Deal 24 or Elba solutions. There is a truth, and an exception Xero is focused on accounting companies. Even the minimum tariff plan requires simultaneous maintenance of 5 accounts. Currently, the company has … Continue reading “What is Xero?”

What is QuickBooks

QuickBooks Pro is a business software that will help you organize your finances in one place, which will significantly increase your work efficiency. Even though the program is not available in the Russian language, it is very easy to set up and use. With QuickBooks help, you will always be aware of all accounts, will … Continue reading “What is QuickBooks”