Clearing Account Journal Entry Example
A clearing account, also known as a suspense account, is a temporary holding account used to record transactions until they […]
Accounting
Accounting Entries
COGS Entries
COGS Accounting Entry
Cost of goods sold (COGS) is an essential cost represents the direct costs attributable to the production of goods sold
COGS Entries
Cost of Sales Journal Entry
“Cost of sales” is also known as “cost of goods sold” or COGS which is a represents the direct costs
Accounting
CECL Journal Entries
Current Expected Credit Loss (CECL) ASC 326 is a standard issued by the Financial Accounting Standards Board (FASB) and this
Accounting
Netsuite Journal Entry Approval Workflow
In NetSuite, setting up a journal entry approval workflow helps journal entries are reviewed and approved by authorized personnel before
Double Entries
Double Entry Journal Accounting
Double-entry accounting is a foundational concept in accounting ensures the accounting equation (Assets = Liabilities + Equity) remains balanced after
Accounting
Elimination Journal Entries
Elimination journal entries are used in the consolidation process to remove the effects of intercompany transactions between entities within a
Accounting
Line of Credit Journal Entry
A line of credit (LOC) is a flexible loan allows a company to borrow up to a specified amount as
Salary Entries
Payroll Clearing Account Journal Entry Example
A payroll clearing account is used to temporarily hold payroll amounts before they are distributed to the appropriate accounts, such
Salary Entries
Payroll Expense Journal Entry
Payroll expense journal entries are used to record the cost of salaries, wages, taxes, and other employee benefits in the
Accounting
Debit Credit Journal Entry
A journal entry in accounting is a record of a business transaction in the general ledger. Each journal entry consists
Sales Entries
Cash Sales Journal Entry
Recording a cash sale in your accounting system involves debiting cash (since you’re receiving cash) and crediting sales revenue (to