Category Archives: Bookkeeping

Control account Definition & Meaning

Contents: Free Bookkeeping Accounting Create a custom control account Control Accounts 101 The typical level of activity in a control account is on a daily basis. For example, all payables entered during one day will be aggregated from the subsidiary ledger and posted as a single summary-level number into the accounts payable control account. Purchase […]

The Differences Between Net & Gross Income for a Business Chron com

Content Example of individual gross income Taxation and Revenue adds fraud-fighting tools Identifying high-impact revenue channels Cost of goods sold vs. gross revenue Here are a couple of different situations where you may use the term “net income” in your business. Gross income of individuals is often used by lenders when making approval decisions. ProsConsGross […]