Accounting Tools

JUNE 8, 2023

These transactions are then aggregated at the end of each reporting period into financial statements. The cycle is also needed to produce financial statements. In addition, most businesses use accounting software to accumulate transactional data and convert them into financial statements.

Financial Statements 75

Financial Statements General Ledger Accounting Accounting 75

Accounting Tools

JUNE 8, 2023

Source documents are typically retained for use as evidence when auditors later review a company's financial statements , and need to verify that transactions have, in fact, occurred. Cash Register Tape A cash register tape can be used as evidence of cash sales, which supports the recordation of a sale transaction.

Petty cash 75

Petty cash Invoicing Bookkeeping Reconciling 75

Bookkeeping Express

JANUARY 25, 2023

The entire purpose of setting up an LLC, S-Corp, or other structure is to protect the owners’ personal funds in the event of lawsuits or bankruptcy, but when business and personal funds are mixed, those protections may be lost. Make it a rule to never mix business and personal funds.

Bookkeeping 52

Bookkeeping Petty cash Financial Statements Financial Reporting 52