Tag: Control Account
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Bookkeeping – Accounts Receivable Management (Lesson 37)
In my mind accounts receivable management is the highest priority duty of a bookkeeper. Cash is the lifeblood of small business.
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Bookkeeping – Control Accounts (Lesson 22)
Control accounts are used when there are multiple third parties interacting with the business in regards to similar function.
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Bookkeeping – Parent–Child Accounts (Lesson 17)
When one account is fed information from several sources based on function or location, this account structure is referred to as a ‘Parent-Child’ account.
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Work in Process as a Control Account
A control account in the Chart of Accounts is used when there is a need to separate multiple third parties with a similar function. Work in process works perfectly as a control account.