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Entering YTD Account Totals Using Journal Entries

By |2021-07-30T15:14:19-05:00August 16th, 2019|

Introduction This advanced help topic covers the process of entering ending balances and year-to-date totals for various accounts. Usage Use this information to enter the ending balances of accounts found in your prior accounting system (manual system or software). These are the last and final account totals - after you have closed your books in

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An Explanation of Double Entry Bookkeeping

By |2021-08-01T20:36:48-05:00August 16th, 2019|

Introduction Every debit must have a credit and vice versa. Example Assume you write a check for your monthly rent. You reduce cash and increase expenses . Credit cash; debit rent expense. Every transaction has to be analyzed with its impact on at least two accounts. Sometimes a transaction involves more than two accounts. Example

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