Bookkeeping

Then, according to the matching principle, since the inventory purchase should be matched to its sale, even though we paid cash in Year 1, it should also be recognized under COGS in Year 2. The matching concept and revenue recognition concept affect the various financial statements in different ways. Let’s look at how these two […]

Regular reconciliation allows you to catch discrepancies early, preventing a small mistake from becoming a major issue. Reconciliation, in accounting, refers to the process of verifying the accuracy of financial records. This practice involves comparing two sets of records to ensure the figures match. After completing the reconciliation, QuickBooks will generate a reconciliation report. This

The basis for an accurate bookkeeping and accounting system is recording all financial transactions. However, there are several actions all nonprofits need to take to ensure data quality and reliability. Bookkeeping for a nonprofit is vital because it proves how an organization is spending its funds. Learning https://www.bookstime.com/ how to do nonprofit accounting and understanding