Accounting Lessons

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 …

Setting up your Accounts Payable Process Read More »

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 too complex if you understand the basics of accounting from our previous lessons. This article will refresh those basic accounting concepts and give you examples of …

Sales Tax Accounting Read More »

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 involves both expense and liabilities accounts such as FICA Taxes Payable, Federal and State Income Tax Payable, Health Insurance Premiums Payable, etc. Accounting for those taxes can get …

Payroll Accounting with Payroll Journal Entry Examples Read More »