Category: Accounting Lessons

Setting up your Accounts Payable Process

Lesson 10 in the Basic Accounting series The accounts payable process for a small business is simply the process of accounting for and paying invoices that your business legitimately owes. The process involves logging in an invoice in some type of accounting software, spreadsheets, or paper; then removing it when you pay it. Accounts Payable is a current liability account […]

Sales Tax Accounting

Lesson 11 in the Basic Accounting series Sales tax accounting involves asset, revenue, and liabilities accounts such as Sales Revenue, Cash, and Sales Tax Payable. Accounting for sales tax is not to

Payroll Accounting with Payroll Journal Entry Examples

Lesson 12 in the Basic Accounting series What is Payroll Accounting? Payroll accounting is simply recording the payroll expenses of a business into the general ledger. Payroll accounting involv

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