Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software.

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 ...

Businesses make advance payments for a variety of different expenses. Any expense that is paid in advance of actually receiving the benefit of the payment is considered a prepaid expense for ...

Business expenses are the ordinary and necessary costs required to run a business. Any money spent in the name of doing business can be categorized as a business expense. Every company incurs expenses ...

An accounting ledger of a business that shows its expenses, transaction history, and amounts owed to each supplier. The ledger extends credit from a supplier and gives the business time to pay for the ...