Accounting

A clearing account, also known as a suspense account, is a temporary holding account used to record transactions until they […]

Current Expected Credit Loss (CECL) ASC 326 is a standard issued by the Financial Accounting Standards Board (FASB) and this

In NetSuite, setting up a journal entry approval workflow helps journal entries are reviewed and approved by authorized personnel before

Elimination journal entries are used in the consolidation process to remove the effects of intercompany transactions between entities within a

A line of credit (LOC) is a flexible loan allows a company to borrow up to a specified amount as

A journal entry in accounting is a record of a business transaction in the general ledger. Each journal entry consists

A ROU (Right-of-Use) Asset refers to the asset that a lessee has the right to use during the lease term

Asset accounting in SAP involves tracking and managing a company’s fixed assets. The process includes the acquisition, depreciation, transfer,, and

Here’s a detailed explanation of the journal entries for asset accounting in SAP. 1. Asset Acquisition When a company acquires

“Due to” and “Due from” accounts are used in accounting to track amounts that are owed between entities, often within

Lessor accounting refers to the accounting treatment from the perspective of a lessor, the entity that provides an asset for

Restaurant accounting involves tracking various financial transactions unique to the food and beverage industry. Below are some common journal entries