At least one partner must be a general partner, with full personal liability for the partnership’s debts. At least one other is a silent partner whose liability is limited to the amount invested. This silent partner generally does not participate…

Now that the revenue account is closed, next we close the expense accounts. You must close each account; you cannot just do an entry to “expenses”. If the balances in the expense accounts are debits, how do you bring the…

With Web File, you can schedule payments in advance, save your bank account information for future use, and update your business information. How quickly, or slowly, you choose to sell your assets depends on a number of factors. You need to consider…

Bookkeepers reconcile bank accounts for all of a company’s transactions, ensuring there is agreement and balance. These professionals also keep a watchful eye on the money moving into and out of your business, ensuring balances in bank accounts match up…

Within equity, an example of a contra account is the treasury stock account; it is a deduction from equity, because it represents the amount paid by a corporation to buy back its stock. Utilizing contra accounts in financial accounting has…