Keeping Your Business and Personal Finances

How to Separate Your Business and Personal Finances

Certain things just don’t mix well — like a good scotch and soda, like Rajnikant and Laws of Physics, like Rahul Gandhi and politics and like your personal finances and your business’s. Keeping these things separate not only helps you reduce problems, it also greatly simplifies things and makes it easier to manage your finances.…

Loan Transaction

Advanced Accounting Using Journal Entry

Journal entry is the go-getter in Accounting. Anything and everything in Accounts can be done through a Journal Voucher. Let’s see some of the important transactions that require a journal entry. 1. Fixed Asset Purchase. Any business purchases few fixed assets for smooth functioning like Computers, Office Space, Printers, Servers, Trademarks, etc. Such transactions are…

Loan Transaction

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…