PROFESSIONAL FEE Definition

Bookmark and Share

PROFESSIONAL FEE is that fee charged for services from university trained professionals; primarily doctors, lawyers and accountants. The term is often expanded to include other university trained professions, e.g. pharmacists charging to maintain a medicinal profile of a client or customer.

Learn new Accounting Terms

CAVEAT, generally, is a warning against certain acts; in law, is a formal notice filed with a court or officer to suspend a proceeding until filer is given a hearing.

 

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.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.