PayTraq U

From Accounting Basics to Business Advice
A Collection of Useful Articles

Accounting Basics

Bookkeeping

What bookkeeping is and why it is important for business?

Bookkeeping has been in existence in one form or another for many years. It appeared approximately when people started trading.

Chart of Accounts

What is a Chart of Accounts?

Any time you are establishing an accounting structure for your business, a chart of accounts is among the first things you will need to put in place to get your bookkeeping up and running.

What is an account in accounting?

What is an account in accounting?

If we are referring to an account with regard to accounting, then it carries a completely different meaning compared to what the majority of people are accustomed to.

Debit and Credit in Accounting

Debit and Credit in Accounting Entries: Is It So Complicated?

Most people know debit and credit outside the context of bookkeeping.

General Ledger

General Journal and General Ledger

When someone unfamiliar with modern accounting faces such terms as "general ledger" or "general journal", they imagine giant dusty books, complicated and totally confusing.

Profit and Loss Statement

Profit and Loss Statement

Financial statements contain substantial information about your company's operating results and financial position. The profit and loss statement (P&L) and the balance sheet are the two basic financial reports that give you this information. Taking the time to better understand these reports will give you more control and a clearer picture of your business and how it’s performing.

Balance Sheet

Understanding a Balance Sheet

A Balance Sheet (also known as Statement of Financial Position) is one of the three primary financial statements (along with the income statement and statement of cash flows) showing the company’s financial condition at a specific point in time.

Counterparty in bookkeeping

Counterparty in bookkeeping. Who are debtors and creditors? How to work with them?

Most of the business operations recorded in books require the indication of the other party of the transaction – counterparty.

Sales and Purchasing

Supply Сhain Management

Supply Сhain Management. Arranging Your Sales & Procurements

Depending on the requirements and specifics of your business, PayTraq offers a variety of options for your sales and procurements arrangement and planning. You can choose an option according to your specific business process or take advantage of its modified versions.

Costing and Inventory Valuation

Costing and Inventory Valuation

Sooner or later all new entrepreneurs ask themselves: Why is costing necessary?