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The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

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Chapter 17
Closing Cash Journals
In This Chapter
• Money closing
• Credit costs
• Bill delaying
• Temporary solutions
After a month’s worth of business activity, you definitely want to see how you are doing. At the end of each month you need to do a series of accounting tasks to be certain everything proves out correctly. This also gives you a good handle on your business’s income and expenses.
Basically you start this process from the bottom up. In other words, you check your balances in sub-ledgers or journals to be sure they are correct. Then you match these numbers to the control accounts in the general ledger, such as Accounts Receivable and Accounts Payable, and finally you prove out the general ledger. After all that is done, you ...

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