Bookkeeping – Internal Accounts (Lesson 79)
Internal accounts are used by management to clarify information, account for interdepartmental activities and address temporary bookkeeping issues.
Internal Accounts
Internal accounts are temporary accounts set up to record data related to intercompany or inter-division transactions. They are often used to delineate management activity and assess performance within different revenue departments.
Bookkeeping – Temporary Accounts (Lesson 78)
Temporary accounts are financial and process control tools used by management to achieve financial goals. They are composed of internal, regulator and restrictive accounts. They are opened at the beginning of an accounting period and closed prior to the end of an accounting cycle.