August 2019
Intermediate to advanced
608 pages
15h 28m
English
Content preview from Bookkeeping All-in-One For Dummies, 2nd Edition
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Chapter 4
Closing the Journals
IN THIS CHAPTER
Making sure your journals are correct
Gathering journal information for closing
Posting adjustments to the General Ledger
Examining your journals in a computerized system
As the old saying goes, “The devil is in the details.” When it comes to your bookkeeping, especially if you keep your books manually, those details are in the journals you keep. And those small details can get you every time.
If you use a computerized accounting system to do your books, you don’t need to close out your journals, but you can still run a series of reports to verify that all the information in the computer accounting system matches what you have on paper. This chapter talks briefly about how to do that.
This chapter focuses primarily on how to prove out your journals and close them at the end of an accounting period. (Book 4, Chapter 3 looks at this process for cash journals in particular, if you’re interested.) 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 ...
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