Discover how general ledgers and general journals work together in double-entry bookkeeping to track financial data accurately and efficiently for your business.

Learn how to reconcile your business’s bank account by comparing your recorded transactions to the bank statements. Then, you ...

If your small business used a mortgage for a home purchase, a journal entry affects the property, mortgage payable and cash accounts. If you paid all cash for a home, a journal entry affects the ...

Double-Entry Accounting: What It Means and How It Works Your email has been sent Double-entry accounting is a system of recording transactions in two parts, debits and credits. This method of ...

Accountants record transactions between buying companies and selling companies differently depending on when the transfer of purchased goods actually occurs. Which company pays for shipping charges to ...

How Ledgers and Journals Are Used in Accounting Get an overview of these fundamental bookkeeping tools. Ledgers and journals are the foundational tools used in the bookkeeping process. A ledger is a ...

Cash- and accrual-based business accounting are two methods for tracking financial performance. Learn which is right for your business.

Like it or not, managing your accounting books is all part of being a business owner. And if you’re like the majority of entrepreneurs, you probably worry about making accounting mistakes that can ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Timothy Li is a consultant, accountant, ...