Expense accounts are an integral part of the double-entry system of accounting and are used to record various costs businesses incur. The way expense accounts work is relatively simple, but to use ...

Put simply, overhead costs are any and all costs not directly associated with generating profit for a firm. That is not to say overhead costs are not important or necessary. It is just that, on their ...

The following general ledger/commitment items are used to record expenses as category 2 and 3 of the Statement of Financial Activity (SoFA) report. The categories are outlined alphabetically. Each ...

Insurance expenses are some of the most common expenses encountered in small business. In many cases, businesses are billed for a year or more of insurance coverage upfront. However, generally ...

Tracking your company’s spending is essential for maintaining accurate financial records. One financial accounting method businesses use is the payroll journal entry. Payroll journal entries record ...