Accountants record closing entries at the end of every accounting period. Closing entries transfer the revenues and expenses the company incurred during the period to the equity section of the balance ...

Journal entries are used to change accounting information in financial systems. Following the double-entry system used in modern accounting, these entries always affect at least two accounts -- one ...

What Is the Difference between Accounts Receivable and Accounts Payable? Your email has been sent Accounts payable and receivable are required to ensure your cash flow and spending are appropriately ...

The accounting cycle tracks a transaction until it’s added to your company’s financial statement. Follow this eight-step process to organize the data.