Chapter 4
Reconciling Accounts and Closing Journal Entries
IN THIS CHAPTER
Monitoring accounts and making adjustments
Confirming that your journals are correct
Gathering journal information for closing
Posting adjustments to the general ledger
Examining your journals in a computerized system
When it comes to your bookkeeping, especially if you keep your books manually, the finickier details are in the accounts and journals you keep. Any errors in those tiny details can lead to big problems down the road.
In this chapter, you’ll find out how you can ensure that your books are meticulous and correct. I’ll show you how to reconcile your accounts, prove out your journals, and close them at the end of an accounting period. Within these pages, you also find out how to post all corrections and adjustments to the general ledger after you make them in the appropriate journal. (To find out how to set up your journals, see Book 1, Chapter 3.)
Reconciling Bank Accounts
Reconciling bank accounts ...
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