Accounts Receivable Accruals General Ledger 
Accounting Tools
MAY 14, 2023
Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook Overview of Accounts Receivable When goods or services are sold to a customer , and the customer is allowed to pay at a later date, this is known as selling on credit , and creates a liability for the customer to pay the seller.
Nanonets
MAY 6, 2024
General Ledger Reconciliation The General Ledger (GL) is a silent custodian of a company's financial narrative. It is a record of all financial transactions of an enterprise and provides a comprehensive account of the organization's monetary activities. What is the General Ledger?
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Remote Quality Bookkeeping
APRIL 14, 2025
Familiarize Yourself With Your Bookkeeping System Businesses use two primary methods to document revenue and expenses and report to the IRS: cash basis or accrual. Thus, selecting the proper type of accounting immediately is important. Depending on the proper method for your company, every other bookkeeping task is affected.
Accounting Tools
JUNE 7, 2023
Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Closing the Books Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. Posting has been eliminated in some accounting systems, where subledgers are not used.
Accounting Tools
JUNE 7, 2023
Account Record An account can be the record in a system of accounting in which a business records debits and credits as evidence of accounting transactions. Thus, the accounts receivable account stores information about billings to customers, as well as reductions of those billings due to payments from customers.
Accounting Tools
JULY 13, 2023
The unadjusted trial balance is the listing of general ledger account balances at the end of a reporting period, before any adjusting entries are made to the balances to create financial statements. The unadjusted trial balance is used as the starting point for analyzing account balances and making adjusting entries.
Accounting Tools
JUNE 16, 2023
The intent of adding these entries is to correct errors in the initial version of the trial balance and to bring the entity's financial statements into compliance with an accounting framework , such as Generally Accepted Accounting Principles or International Financial Reporting Standards.
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