Closing the books on an accounting period is a lengthy and complex process. No matter how complex, it needs to start somewhere. For every company, big or small, it starts with a trial balance. This is ...

The general ledger is a central location for recording all of the financial activity for your business. Accurate ledger activity is essential to ensuring that the financial statements for each period ...

Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry. With over a decade of editorial experience, Rob Watts ...

Businesses use trial balance sheets to calculate the monthly debits and credits posted in their general ledgers. Debits are the money a business spends or loses, while credits are the money a business ...

Auditors know that journal-entry testing is one of many procedures they can use in addressing client data completeness and, hence, audit risk (see AU-C Section 240, Consideration of Fraud in a ...

A balance sheet is a type of financial statement that lists a company's assets, liabilities, and shareholders' equity. The assets should be in "balance" and equal the total liabilities and ...