Accounting. Online Accounting Help. Online Accounting. Online Accounting System. History of Accounting. General Accounting

Correcting Errors.

If errors are discovered in either the journal or the ledger, they must be corrected. Our approach to correcting errors depends on the kind of error and when it is discovered.

If an error in a journal entry is discovered before the error is posted, it can be corrected in a manual system by drawing a line through the incorrect informa­tion. (more…)

Statement of Owner’s Equity.

The second report in Exhibit 2.11 is the statement of owner’s equity for Finlay Interiors. Its heading lists the month as January 2001 because this statement describes events that happened during that month. The beginning balance of equity is measured as of the start of business on January Lit is zero because Finlay Interiors did not exist before then. (more…)

9 Strategies for Writing Accounts Payable Procedures.

The white flag is just a nose away…toward the Million dollar prize in cash savings for your business…

So far, in Inventory and Accounts Receivable, we’ve found $250,000 each in cash savings. Then we found another 250K in Sales and Marketing. And so, now, Accounts Payable is the final process within the Cash to Cash Cycle – and also the final $250,000. (more…)