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A credit is not a normal balance for what accounts?

The account’s net balance is the difference between the total of the debits and the total of the credits. This can be a net debit balance when the total debits are greater, or a net credit balance when the total credits are greater. By convention, one of these is the normal balance type for each […]

What Happens When Your 0% Intro APR Period Ends?

For example, if an asset account which is expected to have a debit balance, shows a credit balance, then this is considered to be an abnormal balance. From the table above it can be seen that assets, expenses, and dividends normally have a debit balance, whereas liabilities, capital, and revenue normally have a credit balance. […]

7 Best Small Business Accounting Software in 2024

Set a regular schedule (weekly, bi-weekly, monthly) to review your books. This habit helps you stay on top of unpaid invoices, catch discrepancies, and understand your cash flow better. Regular reconciliation of your accounts is also crucial to ensure your books match your bank statements. Guide To Choosing Industry-specific Software So, let’s roll up our […]

9 books every small business owner should read

In The Founder’s Dilemmas, author Noam Wasserman examines some of the most common mistakes entrepreneurs make when launching a business. Wasserman offers a comprehensive view of where things have the potential to go wrong when launching a business. For example, the risks of launching a business with a family member or friend, or navigating the […]