accountant – Rakaya Thompson

“Demystifying Bookkeeping: Answers to Your Top Frequently Asked Questions”

Leave a Comment / Bookkeeping / By Rakaya

“Demystifying Bookkeeping: Answers to Your Top Frequently Asked Questions” Navigating bookkeeping questions is crucial for business success. This guide provides insights into common queries, empowering businesses to establish sound financial practices. I am a QuickBooks affiliate so if you click here and purchase QuickBooks by using my link I may receive a commission, no extra …

“Demystifying Bookkeeping: Answers to Your Top Frequently Asked Questions” Read More »

Double Entry Invoice Payment Explained

Leave a Comment / Bookkeeping / By Rakaya

In double entry accounting what happens when you pay an invoice? When you pay an invoice in double-entry accounting, the transaction is recorded in two accounts to ensure that the accounting equation remains balanced. The process involves adjusting both the liability account and the asset account. Let’s break down the steps: The double-entry system ensures …

Double Entry Invoice Payment Explained Read More »

What are Tax deductions

Leave a Comment / Bookkeeping / By Rakaya

Tax deductions Explained Tax deductions are expenses or costs that individuals and businesses can subtract from their taxable income, reducing the amount of income subject to taxation. Deductions lower the taxpayer’s overall tax liability, potentially resulting in a lower tax bill. It’s important to distinguish between deductions and credits – while deductions reduce taxable income, …

What are Tax deductions Read More »