It is treated as a revenue item and is recorded by crediting the Commission Income Account and debiting either the Cash/Bank Account (if received) or Accounts Receivable (if due). This ensures the financial statements accurately reflect all income earned during the accounting period, supporting proper financial analysis and reporting. A commission paid journal entry records […]
Unfortunately, many entrepreneurs overlook the importance of solid accounting practices, which can lead to costly mistakes and missed growth opportunities. Accounting software is one of the most helpful and powerful tools you can add to your startup accounting toolbelt. With self employed accounting software, you can track business transactions, create invoices, maintain financial records, and […]
The opioid crisis is still a national emergency and new challenges are emerging with potent synthetic opioids. Fentanyl and its analogs are much stronger than traditional opioids and are causing a surge in overdose deaths across the country. They are often mixed with other drugs making accidental overdoses more likely and complicating the efforts to […]