One of the most popular methods of financing is borrowing. Loans can be short term, long term, secured, or unsecured and should be recorded accordingly. It is important to keep track of the principle and interest amount, and record them respectively in books for correct accounting. Classification is vital as ‘interest’ paid on loan is…
DetailsIt was a Monday morning and I was responding to an important email on my laptop. One of our vendors had sent me an invoice couple of weeks back he was reminding me that it is already overdue. I had a feeling that I already issued a payment and even got the receipt for it.…
DetailsTo sell is an art and to sell online is modern art. Learn how to sell online effectively with our comprehensive guide. Discover essential strategies, platforms, and techniques to maximize your success in the online marketplace. Whether you’re a beginner or an experienced seller, our article provides valuable insights on how to sell online, covering…
DetailsSetting up Taxes in ProfitBooks is easy. Just to go Accounting menu and click on Taxes. While most of the fields are self-explanatory, please make sure you pay attention to following 3 fields: Adding Linked Taxes In some cases, you might want to add additional taxes that are part of the same tax group. Lets…
DetailsOwners or co-founders keep investing in their own businesses during early stage of their startup or even at later stage. This helps them to improve the company’s cashflow or make funds available for new equipment, paid marketing or hiring additional staff. Recording capital investments of your own money or your business partner’s money is important for keeping company accounts…
DetailsCreating a professional invoice might seem like an easy thing to do but its often the toughest task, specially if you are doing it for the first time. Its often the last communication with the client and hence, must leave a good impression about your company. Lets find out how you can create a good looking…
DetailsIn simple words, cloud accounting means online accounting. Instead of accessing the software from your computer’s hard disk, you access it through the internet. If you have internet net banking or any email service like Gmail, Hotmail, or Yahoo, you have already experienced the power of cloud computing. So, instead of installing the accounting…
DetailsIf you are providing your services to foreign clients, you might want to create invoices in currency that is different than your base currency. ProfitBooks supports multi currency accounting and invoicing. While creating new customers or vendors, you need to specify their currency & ProfitBooks will use that currency in invoices or other vouchers. Lets…
DetailsWhat is a Sales Order & where is it used? The Sales Order, sometimes abbreviated as SO, is an order issued by a business to a customer. A sales order specifies the details about products and/or services ordered by a specific customer along with the price, quantity and terms and conditions. Businesses use it as a confirmation…
Details
