Category: Bookkeeping

If I of course make a AJE to the bank balance, then it will never reconcile because that amount wouldn’t match with the bank. You or your bookkeeper can close this account in a variety of ways by making journal entries. The issue of how to zero out the opening balance equity in QuickBooks is…

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They represent costs your business has incurred but hasn’t yet paid. This accounting practice is crucial because it lets companies recognize expenses in the period they occur, not just when cash leaves your account. You’ve received the goods or services, so you acknowledge the cost, even if the bill hasn’t arrived or been paid. Regularly…

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