Tag: Trial Balance
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Bookkeeping – Closing the Books (Lesson 69)
The closing process is designed to finalize the financial information for that period of time. It involves correction of errors, posting omissions and confirming balances of accounts.
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Bookkeeping – Trial Balance Advanced Concepts (Lesson 68)
The trial balance is a special report used by accountants and bookkeepers. It is NOT a management nor a financial report. Its primary purpose is verification of account balances and compliance to the dual entry system (debits equal credits). It is generally utilized as the first step in the closing process for interim and annual reporting.
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Bookkeeping – Adjusting Journal Entries (Lesson 67)
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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Working Trial Balance
The accounting profession uses various tools to generate accurate accounting information at the close of accounting cycles (monthly, quarterly and annually). The primary document is the working trial balance. It is very similar to the traditional trial balance except there are additional columns used to identify various adjustments and the corresponding source documents (work papers).
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Bookkeeping – Accounting Cycles (Lesson 29)
The bookkeeping cycle is like a huge giant clock with several dozen gears from a multiple cog gear rotating the most frequently turning cog cascading into the one large gear that once turned changes the timer one year forward. The bookkeeper’s job is to make all the gears click and keep the system lubricated. At the…
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Bookkeeping with QuickBooks (Lesson 27)
There are multiple positive benefits of QuickBooks for the business and directly for the bookkeeper too.
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Bookkeeping – Chart of Accounts Using the Numbering System (Lesson 18)
To speed up the process of entering information accountants converted account names to numbers.
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Bookkeeping – Debits and Credits with the Trial Balance (Lesson 16)
The primary report used by accountants is the trial balance. It is the job of the bookkeeper to make sure that it is in balance and that there are no abnormal values within the respective types of accounts.
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Bookkeeping – Debits and Credits in Asset Accounts (Lesson 4)
Debits and credits are two words that are the most recognized terms synonymous to bookkeeping and accounting.
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Bookkeeping – Dual Entry System (Lesson 2)
In accounting the term dual entry is used often. Other names include Double Entry and Offsetting Entry.