Just as with expense transactions, be sure to fill out the class portion to record the rent for each unit. If using a real estate property management software suite instead of (or in addition to) accounting software, you should still set up tenants/customers. Real estate bookkeeping refers to the process of recording, organizing, and managing…
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Materiality is one of the four constraints of GAAP (Generally Accepted Accounting Principle). Companies use the materiality principle when accounting and measuring their transaction and expense in a year. Further, under IFRS, there is a more relaxed interpretation of the materiality concept. For instance, an accountant can disclose high-value items with other account balances as…
A low CEI can suggest that manual invoicing, rigid payment terms, or communication challenges are hindering a business’ invoice-to-cash process. Day sales outstanding (DSO) is the average number of days it takes for a company to receive payment after making a sale on credit. DSO is also known as “average collection period” or “days receivable.”…
