Chapter 3: Special Accounting Problems

In This Chapter

check.png Sorting out accounts receivable and accounts payable

check.png Keeping track of inventory

check.png Figuring out fixed assets

check.png Finding out about asset write-downs

check.png Recognizing liability

check.png Closing out revenue and expense accounts

Even if you understand the principles of accounting (which I describe in Book I, Chapter 1) and the basics of double-entry bookkeeping (which I describe in Book I, Chapter 2), you still may not have all the information that you need to keep good records. For example, tracking the amounts that customers owe you and the amounts that you owe vendors can be a bit tricky. Inventory can also present challenging record-keeping problems, a fact that’s not surprising to you as a retailer. And things like fixed assets — oh, don’t even get me started.

For these reasons, this chapter describes the most common complexities that business owners ...

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