Accounting Journal Entries

Petty Cash Journal Entry

Petty cash is a small amount of money kept on hand to cover small expenses such as office supplies or […]

An operating lease is a lease agreement where the lessee does not assume the risks and rewards of owning the

Capital leases, also known as finance leases, are long-term lease agreements where the lessee effectively assumes the risks and rewards

Vacation accrual refers to the process of setting aside liability for employees’ earned but unused vacation time. This ensures that

Deferred revenue, also known as unearned revenue, refers to payments received by a business for goods or services that have

Year-end closing entries are critical in accounting because they ensure that all temporary accounts (revenues, expenses, profits, and losses) are

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

Closing entries are made at the end of an accounting period to transfer balances from temporary accounts such as revenues,

Cost of goods sold (COGS) is an essential cost represents the direct costs attributable to the production of goods sold

“Cost of sales” is also known as “cost of goods sold” or COGS which is a represents the direct costs

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