Adjusting Journal Entries

Adjusting journal entries are customarily end of accounting period changes recorded to the books due to reconciliation of accounts, conversion of books from management reporting to GAAP, and/or compliance purposes. These entries are designed to facilitate proper presentation of financial statements and corresponding schedules.

Bookkeeping – Adjusting Journal Entries (Lesson 67)

Adjusting Journal Entries

One of the many tasks for bookkeeper in their daily operations is reconciling accounts including bank accounts, accounts receivable, accounts payable and many others.  Invariably, the balances are off and need adjusting.  To reset or balance the account the bookkeeper must use an adjusting journal entry.

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