Tag: credit
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Accounting Fundamentals: Debit and Credit
Accounting Fundamentals: Debit and Credit Understanding the fundamental concepts of debit and credit is essential for any aspiring accountant or financial professional. Debits and credits are the building blocks of the accounting system, used to record and track the flow of money in and out of an organization. Mastering these basic principles lays the foundation…
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Accounting – Rules of Debit and Credit in Accounts
Accounting – Rules of Debit and Credit in Accounts Debit and credit are fundamental concepts in accounting and form the basis of the double-entry bookkeeping system. Understanding these rules is crucial for accurate financial record-keeping. Let’s explore the key principles and applications of debits and credits in various account types. The Basic…
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How should I really enter refund by a Vendor in new QuickBooks Online?
I followed the refund by a vendor. I entered as a deposit. But then it does not show in the vendor’s transaction listing. How should I really enter this type of transaction? At this point, they do not have have any designated way to record this transaction. It is just work-around approach to show in…