By streamlining how your team submits expenses and how you approve them, you can save time, minimize manual data entry, and have an audit trail for all your payables. In years of financial stresses, nonprofits can create best- and worst-case scenarios. For example, in the best-case scenario, revenues decrease at or close to the same […]
If you had wanted your focus to be money, you would have gone into banking or something similar. Simply put, such a plan is a tool used to help the organization or initiative – and more importantly, its goals – thrive. In this section, we’ll look at the basics of planning for the financial sustainability […]
The adjusting entry will debit Interest Expense and credit Interest Payable for the amount of interest from December 1 to December 31. Adjusting entries are accounting journal entries that convert a company’s accounting records to the accrual basis of accounting. An adjusting journal entry is typically made just prior to issuing a company’s financial statements. […]
The discount on notes payable account is a balance sheet contra liability account, as it is netted off against the notes payable account to show the net liability. The $25,000 balance in Equipment is accurate, so no entry is needed in this account. As an asset account, the debit balance of $25,000 will carry over […]