The monthly accounting and bookkeeping closing process is important because it provides management with vital financial information. This process should be standardized by creating a list of standard ...

Financial records don’t just “end” when the fiscal year does. Companies often have a variety of accounts still open and active. To “close the books” on the period and establish the baseline for the ...

Under the accrual basis of accounting, you must record revenues and expenses in the accounting period in which they were earned or incurred, regardless of when payment occurs. An adjusting entry is a ...