AISG Definition

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AISG is Accountants International Study Group.

Learn new Accounting Terms

OTHER INCOME is income from activities that are not undertaken in the ordinary course of an entitys business.

 

OPEN BALANCE EQUITY is an account that is automatically created by QuickBooks whenever a company is created.  It is an equity account similar to Retained Earnings or Owner Capital. The Open Balance Equity account is basically a "plug" account used by QuickBooks to balance a transaction (basic accounting debits=credits). QuickBooks will enter a balance in the Open Balance Equity account for two reasons: beginning account balances or forced adjustments.

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