« I really had to dig deep and put in extra time where I thought I had no extra to give, » Molina said. Be prepared for the possibility of losing long-term clients, Molina said. But realize « if someone leaves, you’ll have the space to take on somebody that’s going to...
You must debit your revenue accounts to decrease it, which means you must also credit your income summary account. A net loss would decrease retained earnings so we would do the opposite in this journal entry by debiting Retained Earnings and crediting Income Summary. Why was income summary not used...
When revenue or expenses happen, it’s your startup bookkeeper’s job to record these into your company’s accounting system. This probably involves categorizing the “transaction” in a way that makes sense, say a payment to your payroll provider as a payroll expense. If you are looking for cost-effective bookkeeping services,...
