Resale Certificates: Ecommerce Seller’s Guide

As the distinction between products and services blurs, it’s more and more difficult to determine which is which for sales tax purposes. And states are all over the place, each enacting laws that seem logical but might be different from other states. You can buy...

Inventory write down journal entry Example

This is done by first calculating the book value of the inventory in question. TranZact is a team of IIT & IIM graduates who have developed a GST compliant, cloud-based, inventory management software for SME manufacturers. It digitizes your entire business...

Double-Entry Accounting: What It Is and Why It Matters

The primary difference between single-entry and double-entry accounting is the number of accounts each transaction affects. In single-entry accounting, each transaction involves only one account. But in double-entry accounting, each transaction affects two accounts...

How to Void a Check

Sometimes mistakes happen when writing a personal check, like putting in the wrong name or incorrect amount, rendering it useless. Writing the word “VOID” on top of the written information prevents someone from using it. You may be able to find some of these...