General ledger
What Is a General Ledger and Why It Matters A general ledger is the central repository of a company’s financial records. It tracks every financial transaction and includes a complete list of all the organization’s accounts, both debits and credits. Within the ledger, some accounts function as control accounts, which provide a summarized view of […]
Garnishment
Understanding Garnishment: What It Is and How It Works What is garnishment?Garnishment is a legal mechanism used by creditors to recover unpaid debts, often by collecting money directly from a debtor’s wages. This process involves a third party, typically the debtor’s employer, who is legally obligated to withhold a portion of the employee’s earnings and […]
Garnishee
Garnishee Explained: Definition and What Employers Should Know What is a garnishee?A garnishee is a third party, often an employer, that is legally required to withhold money or assets from an individual who owes a debt. These funds, typically part of the debtor’s earnings, are redirected to a creditor under the authority of a court […]
Garnish
What Does It Mean to Garnish Wages?Garnishment refers to the legal process in which a portion of an employee’s paycheck is withheld by the employer and redirected to a third party, typically to settle a debt as mandated by a court order. A Closer Look at Wage GarnishmentWage garnishment involves deducting funds from an employee’s […]