Eric Gerard Ruiz, CPA

The main differences between Xero vs QuickBooks lie in features and pricing. Xero is more affordable than QuickBooks Online, always includes unlimited users, and offers inventory management and fixed asset accounting in all its plans. QuickBooks, on the other hand, has generally more developed features, such as bank reconciliation without bank feeds, integrated electronic bill…

Zoho Books and Xero are both solid accounting software, but in my evaluation, Zoho Books comes out on top for its advanced inventory management and flexible pricing. That said, I’d recommend Xero for businesses with large accounting teams that need unlimited users and easy scalability. Zoho Books: Small businesses looking for a full-featured accounting program with…

Designed by well-known criminologist Donald R. Cressey, the fraud triangle explains the reasons behind fraud and is a guide for small business owners and managers to assess the areas where fraud might exist. In the accounting process, we look at fraud as a causative factor for material misstatements in accounting records and financial statements. We…

In accounting, a suspense account serves as a temporary holding place for transactions that can’t be immediately categorized. It helps manage discrepancies, such as missing information and math errors, until issues are resolved. Since it’s used for both debits and credits, it doesn’t have a fixed normal balance — the balance depends on the nature…

A CDJ helps bookkeepers track outgoing cash transactions in one organized place. Instead of recording every payment separately in the general journal, all cash payments are first listed in the cash disbursement journal throughout the period. At the end of the accounting period, the totals are summarized and posted as a single compound entry in…

Retained earnings (RE) are the total profits a company has kept over time instead of paying them out to shareholders. These funds are either reinvested in the business or reserved for future needs. RE are commonly associated with businesses structured as corporations or LLCs, whereas sole proprietorships and partnerships generally do not maintain a retained…

In this article, I’ll guide you through setting up QuickBooks Online for nonprofits, from getting a QuickBooks Online plan and modifying the account setting to creating products and services and setting up classes and locations. The process ensures your income and expense information is perfectly structured to match Form 990 — and with the proper…

The best trucking accounting software can either be dedicated programs tailored specifically for the trucking industry or versatile accounting platforms that integrate effortlessly with specialized trucking tools. I reviewed the leading choices based on pricing, customer support, ease of use, and essential features, which include invoicing, bill management, and trucking-specific functionalities like carrier and driver…

Interim financial statements are composed of the income statement, balance sheet, and cash flow statement. Think of a visit to your doctor for a routine checkup, wherein they’ll often run blood tests to see if everything looks good. These tests give a snapshot of your health at that moment, helping catch any potential issues early….

Expense categories help in keeping your expenses properly accounted for. Whether expenses are for marketing, office supplies, or utilities, proper categorization provides a clear financial snapshot and highlights high-cost areas. When you sign up for QuickBooks Online, you’ll see a default QuickBooks expense categories list to get you started. And as you continue setting up…

Wave is a popular accounting software known for its user-friendly approach to tracking invoices and managing bills. With the introduction of its paid tier, Wave Starter is now limited to a single seat and no longer supports bank account connections. Meanwhile, Wave Pro offers unlimited user access and includes premium features like automated invoice reminders….

The best QuickBooks training courses offer flexible training sessions for students (the option of live or self-paced classes), are expert-led, and come with supplemental resources — such as reference manuals, study guides, and instructional videos. You’ll find some free courses, but you usually have to pay a fee to access premium lessons and maximize your…