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 ...

In general, a business accounting system is designed to keep track of where money comes from and where it goes. Usually, businesses will keep both a journal and a ledger for accounting purposes. The ...

Knowing which expenses your LLC can deduct is fundamental to maintaining healthy business finances. Every legitimate business expense you properly document and deduct reduces your taxable income, ...

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 ...

The accounting cycle tracks a transaction until it’s added to your company’s financial statement. Follow this eight-step ...