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9330050004
In the double-entry accounting system, "debit" and "credit" are essential terms used to log financial transactions. Every transaction impacts at least two different accounts—one is debited, and the other is credited. This method helps maintain balance and ensures the reliability of financial reports. A debit typically reflects an increase in assets or expenses, or a decrease in liabilities, income, or equity. Debit entries are generally shown on the left-hand side of the accounting ledger. Here's a closer look at how it functions:
Accounting software is an essential tool that meticulously manages and records an organisation's daily financial transactions. These encompass various financial activities, including expense tracking, revenue recognition, accounts receivable, accounts payable, sub-ledger accounting, fixed asset management, comprehensive reporting and analytics. The software systematically tracks these transactions and ensures that an organisation's financial status, covering assets, liabilities, revenues, and expenses, is accurately maintained and up-to-date.
An invoice is an essential document issued by a vendor to a purchaser, marking an official plea for payment following a transaction that includes goods or services. This pivotal document outlines the buyer's financial responsibilities to the vendor for acquiring certain goods or services. Typically, it enumerates items like the quantity of goods sold, their price per unit, descriptions of services provided, the aggregate amount due, payment stipulations, and the contact information of both the vendor and the purchaser.