Discover how general ledgers and general journals work together in double-entry bookkeeping to track financial data accurately and efficiently for your business.

Financial accounting is a multi-step process for companies following double-entry methods. The first and most important step begins with a journal entry: the recording of financial information related ...

Journal entries are necessary for adjusting the balances of ledger accounts for a variety of reasons, including recognizing accruals, liabilities and other expenses. If an entry posts incorrectly, it ...

If your small business used a mortgage for a home purchase, a journal entry affects the property, mortgage payable and cash accounts. If you paid all cash for a home, a journal entry affects the ...

Discover how accruals affect company finances, with insights into the accrual accounting method, its applications, and examples illustrating its principles.

Financial accounting is a specific type of accounting that uses standardized processes and guidelines for businesses to record their financial transactions and prepare financial statements for ...

Following FASB’s issuance of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), in 2016, GASB issued Statement No. 87, Leases, in June 2017, to become effective for reporting periods ...