What are accrued expenses?
Accrued expenses are costs incurred but not yet paid or, in some cases, invoiced. Understand a simple month-end example and the records supporting an accrual.
Explore the explanationBookkeeping terms, explained.
Understand the balances and terms in your books. These short explanations connect definitions to records, checked examples and the month-end questions that matter.
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What are prepaid expenses?
Prepaid expenses are payments for benefits relating to future periods. Understand a simple monthly allocation example and the evidence behind a prepaid schedule.
Explore the explanationWhat is accounts receivable?
Accounts receivable represents customer amounts owed to the business. Understand partial payments, open invoices and the difference between sales and collections.
Explore the explanationWhat is accounts payable?
Accounts payable represents amounts owed to suppliers. Understand bills, partial payments and how open balances differ from current-month cash spending.
Explore the explanationWhat are undeposited funds?
Understand undeposited funds as a holding account for receipts awaiting a grouped bank deposit. Check payment references and prevent duplicate sales entries.
Explore the explanationWhat is an opening balance?
Understand opening balances as the starting position for an account or accounting period. Check the accepted prior close and supporting records before reconciliation.
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