If you use credit cards regularly, knowing your outstanding balance can help you keep track of how much you owe a credit card company. Keep reading to find out what an outstanding balance is and how it affects you. Opening Balance Equity accounts show up under the equity section of a balance...

Content Additional Considerations Employer Payroll Tax Responsibilities State Unemployment Taxes How to Improve Your Payroll Process Special rules apply to large food and beverage establishments Your Payroll Tax Responsibilities as an Employer State Tax Withholding for Remote Employees NLR does...

As the amount received in advance is earned, the liability account should be debited for the amount earned and a revenue account should be credited. Under the accrual basis of accounting, revenues received in advance of being earned are reported as a liability. If they will be earned within one...