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Guide for common accounting entries required in business
How to record Introduction of Capital?
How to record introduction of Capital in ProfitBooks?
How to make payment or receive money towards opening balance?
How to make payment or receive money towards opening balance? The opening balances for Customers or Vendors can be adjusted via Journal Vouchers. Kindly go to Accounting > Journal Voucher Window > Add New Record 1. Receiving money from customer against opening balance: When you receive money from your customer against the Opening Balance, you need to debit Cash / Bank Account and Credit the customer account. ![Receiving money from customer against the Opening Balance](https://s
How to record Journal Entries
Journal entry is the go-getter in Accounting. Anything and everything in Accounting or everyday-bookkeeping can be done through a Journal Voucher. To record a journal voucher, go to Accounting -> Journal Entries. Every journal entry should contain minimum 2 rows - one for debit and another for credit. Total should always match. Check out the example below: Let’s see some of t
How to Record Loan Transaction?
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 an expense incurred to avail the loan, whereas principle repayment is nothing but repayment of the amount borrowed. Going by the golden rule of accounting for pe