Cheat Sheet Series* - Guidance for doing your own bookkeeping
 

Manual transactions in place of an invoice, receipt or bank transaction.

Positive items on the balance sheet

One of the key financial statements that gives a snapshot of the business at a point in time.

The process of checking the transactions in your financial records, match what has gone through the bank.

The process of entering transactions correctly into finance software, with an awareness of debits and credits.

An overall plan of anticipated financial performance over a certain period, usually the next year.

"Cash is King" is an oldie but a goodie! You need cash to operate and to make informed decisions, you need to forecast a future projection.

Purchases made directly to create a sale.

The write down of an asset over its useful life.

Costs - wholly and exclusively for business

Items that have a useful life of more than 1 year.

Cash injection to your business through loans, donations or investments.

An asset that generates benefit or income for the business but is not a tangible item

Manual transactions in place of an invoice, receipt or bank transaction.

Company performance measurements and statistics useful in getting the whole company team on board to meet goals.

A way to secure the use of an expensive asset without the upfront outlay.

Negative or credit items on the balance sheet