However, they can't do this without the right figures of sales, purchase, profitability, gross profit ratio, etc. That can be possible only if you're maintaining accounts on a regular basis. Proper accounting for e-commerce business makes it easy to understand the financials, as long as the...
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This method allows the firm to account for all sales, cash and credit, in that month’s figures, giving a clearer picture of the financial health of the business over ecommerce accounting. Reporting sales with accrual accounting By using accrual accounting for reporting sales, the firm has a ...
Refund accounting Refunding customers is a necessary part of business, especially for ecommerce or direct-to-consumer companies, and the Financial Accounting Standards Board (FASB) has outlined how to account for refunds under Generally Accepted Accounting Principles (GAAP)....