The more convenient you make payment, the more likely it is you'll get it on time. Most applications let you choose between multiple payment gateways, such as Stripe and PayPal, where you can set up a merchant account. In 2020, vast numbers of people joined the gig workforce, both by choice and out of necessity. The COVID-19 pandemic is responsible for the loss of millions of jobs. Many...

At the time when payment is made by the creditor below entry is recorded. In the above case, Daniel Constructions is a creditor for Axis Housing, and the same is recorded in their books for 90,000 due to the credit purchase. Many such creditors combined together are known as “Sundry Creditors”. As a result, such transactions usually lead to the addition of a debtor & a creditor in th...

Depreciation first becomes deductible when an asset is placed in service. The declining balance method uses the depreciation percentage amount each year rather than an equal amount. It is used as an accelerated depreciation method by companies wanting to reduce tax liability aggressively. Companies can select any depreciation method to allocate the cost of an asset proportionally. The mo...

The interest on loans and mortgages that are amortized—that is, have a smooth monthly payment until the loan has been paid off—is often compounded monthly. Compound interest is interest accumulated from a principal sum and previously accumulated interest. It is the result of reinvesting or retaining interest that would otherwise be paid out, or of the accumulation of debts from a borrowe...