Category: Bookkeeping

In this term, it means that the business would receive a cash discount of 2% if the business makes payment within the credit term of 30 days. The journal entry to account for purchase discounts is different between the net method vs the gross method. In the gross method, we record the purchase transaction at… Continue reading Purchases Discounts

In 2014, the average senior accounting clerk earned $38,116 annually, but today, they earn $46,531 a year. That works out to a 10% change in pay for senior accounting clerks over the last decade. Senior accounting clerk salaries at Encore Capital Group and Montefiore Mount Vernon Hospital are the highest-paying according to our most recent… Continue reading Accounting Clerk Job Description

ERP software also provides total visibility, allowing management to access real-time data for decision-making. When accounting software is “in the cloud,” it simply means that the application runs on a network of remote servers instead of at a company’s location. Investments in information technology boast the distinction of being the category responsible for the largest… Continue reading What is ERP and How Do ERP Systems Work?