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Accounting for Veterinarians DVM Management

by | Oct 24, 2023 | Bookkeeping

The vast majority of our clients are small and mid-sized business owners in Wisconsin, but our services are 100% virtual and available nationwide. Schedule a free 30-minute consultation at one of our offices in Milwaukee, Brookfield, or Madison, or meet with us...

Chart of Accounts: Definition, Setup & Examples

by | Jun 21, 2023 | Bookkeeping

What comprises primary financial Instead of recording it in the “Lab Supplies” expenses account, Doris might decide to create a new account for the plaster.For example, balance sheets are typically used for asset and liability accounts, while income statements are...

What Are Reversing Entries?

by | Sep 8, 2022 | Bookkeeping

While you might have been well-intentioned in deleting incorrect journal entries, it’s better to lay your cards out to auditors by showing them your erroneous and corrective journal entries. You’re waiting on a bill from your independent contractor that you expect to...

Liability Insurance Protect Your Business Now!

by | Jul 29, 2022 | Bookkeeping

When a business borrows money, the obligations to repay the principal amount, as well as any interest accrued, are recorded on the balance sheet as liabilities. These may be short-term or long-term, depending on the terms of the loan or bond. Taxes Payable refers to...

Definition, Explanation and Examples

by | Jul 21, 2022 | Bookkeeping

A T-account is a visual representation of the general ledger, whereas the general ledger is an accounting record that shows more detailed information than a T-account. Accountants and bookkeepers use the T-account to analyze transactions and spot errors easily without...