Enter and manage opening balances in QuickBooks Online
To do so, you might want to create a journal entry to transfer the balance of the OBE account to the appropriate equity accounts. Another way is to create equity accounts with zero balances and then distribute the amount still remaining on the OBE account to them accordingly through journal entries. You can have an […]
Benefits of Outsourced Accounting and Bookkeeping for Law Firms Legal Billing Made Easy
It’s actually pretty common for law firms, especially smaller firms, to outsource their accounting. Legal work takes up so much time and effort, and a lot of firms don’t have the in-house manpower to also take care of accounting tasks with the level of attention they need. This is particularly prominent with smaller firms because […]
Subledger Vs General Ledger: What Are the Key Differences?
A company needs to review its general ledger regularly to keep track of all the accounts that they currently handle. This is one of the most important practices that one needs to follow when handling a general ledger account. Subledger, which is also known as a subsidiary ledger, is a detailed report of accounts that […]
Guide to Adjusting Journal Entries In Accounting
If the Final Accounts are to be prepared correctly, these must be dealt with properly. The main objective of maintaining the accounts of a business is to ascertain the net results after a certain period, usually at the end of a trading period. To make an adjusting entry, you don’t literally go back and change […]
Accounting Equation: What It Is and How You Calculate It
The trial balance includes columns with total debit and total credit transactions at the general ledger example bottom of the report. For every transaction, both sides of this equation must have an equal net effect. Below are some examples of transactions and how they affect the accounting equation. Our Accounting Equation Cheat Sheet provides eight […]
Chart of Accounts Definition, How to Set Up, Categories
It doesn’t include any other information about each account like balances, debits, and credits like a trial balance does. A chart of accounts gives you a clear picture of how much money you owe in terms of short- and long-term debts. Your COA can help you determine how much of your monthly income you can afford to […]