When a customer is given an invoice discount, a credit note needs to be issued to the customer to adjust the balance on the accounts receivable and to record the discount allowed in the income statement.
Last modified November 28th, 2019
Tag: Balance Sheet
Customer Credit Note Issued
Nonprofit Financial Statements
A nonprofit organization (NPO) is an organization that has no owners and which uses its net income to help it achieve the aims for which it was established. All surplus net income has to be kept within the organization, and not paid out as dividends or distributions.
There are three main not for profit financial statements, the statement of financial position, the statement of activities, and the statement of cash flows.
Last modified January 13th, 2021
Aged Accounts Payable Report
What is Accounts Payable?
Accounts payable are amounts which are owed by you to your suppliers for the purchase of trade goods or services, they are sometimes referred to as trade payable or trade creditors.
Accounts payable are recorded in the balance sheet of the business under the heading of current liabilities, that means they are payable within a year.
Last modified January 23rd, 2020
Aged Accounts Receivable
Balance Sheet Analysis
Balance sheet ratio analysis can be carried out using ratios based on information contained within the balance sheet. Knowing how to analyze a balance sheet gives the reader a better understanding of a business, allows changes over time to be monitored, and allows comparisons of different businesses to be made.
Last modified December 20th, 2019
Common Size Balance Sheet Calculator
Common Size Balance Sheet
A common size balance sheet is one that has an additional column showing each monetary amount as a percentage of the total assets of the business. The common size balance sheet is not required by Accounting Standards, and is used more as a management tool rather than a formal reporting document.
Last modified October 24th, 2022
Assets Liabilities and Equity
Unpaid Wages
Unpaid wages are wages which have been earned by an employee during an accounting period but which remain unpaid at the end of the accounting period.
Under the accruals basis of accounting an adjusting entry needs to be made to provide for the unpaid wages based on the hours worked and the wage rate.
Last modified January 8th, 2020
