Single-entry doesn’t supply all of the checks and balances of double-entry, but if you’re doing your individual bookkeeping, this is in all probability the system to choose. Cash accounting is easier to trace, as a outcome of transactions are recorded when payment is obtained or made. There’s no need to trace accounts receivable or payable, and you at all times have a transparent idea of precisely how much money you may have. There are two accounting methods small companies can use—cash and accrual. You’ll want to pick a system before the top of your first tax year, and then stick … Read More