Closing the Books at the End of the Month
In this hour you will learn about…
- Adjusting entries
- Depreciation Schedules
- Amortization Schedules
- Petty Cash
- Balancing customer ledgers
- Bad Debts
- Balancing vendor ledgers
The end of the month is one of the busiest times for bookkeepers. As one month is closed out so that the Financial Statements can be issued, a new month is about to begin. The business activity does not come to a halt while the bookkeeper makes adjustments and makes sure everything is posted to the General Ledger. The business operation continues to generate transactions that also have to be reconciled and posted.
As you have already learned, a computerized bookkeeping system allows the bookkeeper to go back and forth between ...