A bookkeeper may just enter the invoice and code it to "equipment expense" and would show a $2,000 expense in the month it was purchased. You also need to understand the double entry system.Ī simple example would be purchasing equipment. ![]() you need to know how to accrue expenses and when to recognize income and expenses. You will not be ignored.įor accounting you need to know GAAP (generally accepted accounting principles). Please message the mods with any thought, ideas, etc (including feedback on the side-bar rules you just finished reading). We'd like all major changes to /r/bookkeeping to be made with community involvement.
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