📄️ Reconciliation
Reconciliation is the process of comparing two sets of records to ensure they agree. It's critical for catching errors, preventing fraud, and ensuring accurate financial statements.
📄️ Adjusting Entries
Adjusting entries ensure your financial statements accurately reflect your business's financial position at period-end. They record economic events that haven't been captured through regular transactions.
📄️ Accruals and Deferrals
Accruals and deferrals are adjusting entries that ensure revenue and expenses are recorded in the correct period.
📄️ Depreciation
Depreciation spreads the cost of a long-term asset over its useful life, matching the expense with the revenue it helps generate.
📄️ Closing Entries
Closing entries transfer temporary account balances to permanent accounts at year-end, resetting revenue and expense accounts to zero for the new period.