Bookkeeping

General ledgers and general journals are important financial tools for any business. Finance and IT leaders share a common goal of equipping their organizations with ways to work smarter to enable competitive advantage. This intersection between CFO and CIO priorities is driving more unity in terms of strategy and execution. Harold Averkamp (CPA, MBA) has […]

GAAP attempts to standardize and regulate the definitions, assumptions, and methods used in accounting. There are a number of principles, but some of the most notable include the revenue recognitionprinciple, matching principle, materiality principle, and consistency principle. A cash receipts journal is used to record all cash receipts of the business. In order to record

The four main special journals are sales journal, purchases journal, cash receipts journal, and cash disbursements journal. By maintaining these subledgers, businesses can access more granular and specific financial information, enabling enhanced control, analysis, and comprehensive reporting of their financial data. Your accounts receivable general ledger has a balance of $15,000 at the close of

Growth activities might be research and development, expanding premises, or hiring employees. Further, the retained earnings could be spent on outstanding loans, mergers and acquisitions, or improving infrastructure. The dollar change is found by taking the dollar amount in the base year and subtracting that from the year of analysis. Retained earnings also provide your

Consider consulting with a tax professional to ensure compliance and maximize tax benefits. To embark on a successful bookkeeping journey, it’s essential to grasp the fundamentals. Start by creating a comprehensive chart of accounts tailored to your center’s unique needs. Establish a Separate Financial Account These reports provide valuable insights into the financial health of