All posts in Bookkeeping

Journal entries are usually posted to the ledger as soon as business transactions occur to ensure that the company’s books are always up to date. After closing, the accounting cycle starts over with a new reporting period. Usually, closing is a good time to file paperwork, plan for the next reporting period, and look over…

By recording accruals, a company can measure what it owes in the short-term and also what cash revenue it expects to receive. It also allows a company to record assets that do not have a cash value, such as goodwill. Accrued expenses are prevalent during the end of an accounting period. A company often attempts…