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Bookkeeping All-in-One For Dummies, 2nd Edition
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Bookkeeping All-in-One For Dummies, 2nd Edition

by Lita Epstein, John A. Tracy
August 2019
Intermediate to advanced content levelIntermediate to advanced
608 pages
15h 28m
English
For Dummies
Content preview from Bookkeeping All-in-One For Dummies, 2nd Edition

Chapter 5

Checking Your Accuracy

IN THIS CHAPTER

Bullet Putting your balances on trial

Bullet Finding and correcting errors

Bullet Preparing a worksheet

Bullet Generating reports from your computerized system

After you close out all your journals and do your darnedest to catch any and all errors, the time comes to test your work. If you’ve entered all double-entry transactions in the books correctly, the books balance out, and your trial’s a success!

Unfortunately, few bookkeepers get their books to balance on the first try. In some cases, the books balance, but errors still exist. This chapter explains how to do a trial balance of your books and gives tips on finding any errors that may be lurking. You also find out how to take your first step toward developing financial reports (explored in Book 2) by creating a worksheet.

Working with a Trial Balance

When you start entering transactions in a dual-entry accounting system, you may think, “This is a lot of work, and I don’t know how I’m ever going to use all this information.” You enter all your transactions by using debits and credits without knowing whether ...

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Publisher Resources

ISBN: 9781119592907Purchase book