By Philip B. Goodman CPA
Addressing a typical challenge for small-business proprietors, this obtainable guide is the foremost to figuring out the fine details of accounting. Demonstrating the best way to appropriately preserve files and practice bookkeeping ideas, this advisor demonstrates find out how to preserve tune of all monetary issues and display screen the general health and wellbeing of any enterprise. heading off advanced and burdensome accounting jargon, this transparent and concise evaluation interprets the necessities into functional enterprise language, answering the main commonly asked questions provided to accountants via small-business vendors at the present time. subject matters coated comprise accounting components such as revenues, costs, resources, liabilities, and vendors' earnings.
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Extra resources for Accounting Savvy for Business Owners: A Guide to the Bare Essentials
General Ledger The general ledger is the final location of financial data. It collects all the financial data from the journals and contains the total of all transactions posted to each account in the chart of accounts. You prove (check the accuracy of) the general ledger by creating a trial balance, which should show the total amount of debits equal to the total amount of credits. Figure 2-2 is an example of a trial balance. More information on creating the trial balance and other important financial reports from the general ledger is in Chapter 11.
For example, when you depreciate or amortize an asset, no “real” transaction takes place; there’s no check written, no 28 Chapter 2 • Accounting Components money moves in or out of your bank account, and no customer or vendor is involved. Table 2-2 is an example of a depreciation JE. 00 Table 2-2: You need to use a journal entry to enter depreciation. Chapter 10 covers the common year-end journal entries that businesses create. General Ledger The general ledger is the final location of financial data.
Some of the transactions you create won’t post neatly into a single divisional account. This is especially true of disbursements (you can almost always post income directly to the division that generated the income). Often, you post transactions to the company-wide account because you don’t care about the specific division for that transaction (transactions involving asset, liability, or equity accounts commonly post to the company-wide accounts). Sometimes, you post to the company-wide account because you’ll allocate the total amount of the transaction across divisions at the end of the period (year, quarter, or month).