If you are running a business, basic record keeping is essential. Without accurate and dependable records, your liabilities and receivables are nearly impossible to determine with any accuracy, ...

Purchase Orders and Invoices: How Do They Work? At the beginning of a transaction, the buyer (or client) of a product/ service creates and issues a Purchase Order. It specifies the details of a ...

Invoicing is crucial for small business cash flow. Learn how to create an effective professional invoice that increases the likelihood of timely payments.

The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, the purchase and sales ledgers are called subsidiary ledgers ...