After these transactions, your Cash account has a balance of $8,000 ($10,000 – $2,000), and your Equipment account has a balance of $2,000. If the revenues earned are a main activity of the business, they are considered to be operating revenues. If the revenues come from a secondary activity, they are considered to be nonoperating…

While Productive offers insights into both invoiced and recognized revenue, its main benefit is in enabling you to track and forecast your revenue through the Resource Planning feature. By abiding by these guidelines, you’ll be able to get the most value out of your project accounting efforts. Detailed financial reports ensure clear communication with clients,…

Prepaid expenses are payments made for goods and services that a company intends to pay for in advance but will incur sometime in the future. Examples of prepaid expenses include insurance, rent, leases, interest, and taxes. Instead, prepaid expenses are first recorded on the balance sheet as an asset. But, as the products and services…