Bookkeeping

Accurate data, clear categorization, and consistent reporting periods are essential for providing valuable insights to stakeholders and supporting effective decision-making. A nonprofit statement of activities provides a comprehensive overview of an organization’s financial performance over a specific period. Understanding its key components is crucial for stakeholders to assess the organization’s financial health, resource allocation, and […]

You now create the following reversing entry at the beginning of the February accounting period. This leaves the original $18,000 expense in the income statement in January, but now creates a negative $18,000 expense in the income statement in February. Paul can reverse this wages accrual entry by debiting the wages payable account and crediting

Debits and credits should always equal each other so that the books are in balance. Whether you do the bookkeeping yourself or hire someone to do it, certain elements are fundamental to properly maintaining the books. Some of these elements are done more regularly than others to ensure that the books are always up to