Small businesses are usually more concerned about cash flow and day-to-day operation, but having a budget is extremely important when moving towards a new normal. With limited resources, it is more crucial to monitor the performance in an uncertain market.

A deposit received is a payment for goods and services which yet to deliver. It’s liabilities. The balances are cumulative presents in the Balance Sheet. It has to offset against the invoice when goods and services have fulfilled at a later stage.

JSS (Job Support Scheme) is a cash grant given by the government to offset part of the local employee wage costs during the outbreak of COVID-19. If you are using MoneyWorks accounting software: There are two income account types (Sales and Income) in MoneyWorks. The Sales account type is a trading income, whereas the Income […]