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Bank Reconciliation

In bank reconciliation, financial statements are reviewed to be certain that all information is accurate, covering amounts spread across accounts. In this process, the balance in a bank statement is compared to the balance listed in a business’s general ledger. If there are any differences between these two amounts, the reason for this must be determined. To reconcile a […]

Specialized Journals

Specialized journals are used alongside general journals to record and post a business’s most frequent financial transactions. Instead of recording all information to the general journal, specialized journals are utilized for time and efficiency’s sake. Because a specialized journal records the most frequent transactions, the types of specialized journals vary by business. However, common types include revenue and […]

General Journal

General journals, or books of original entry, record financial transactions. These journals utilize double entry bookkeeping, meaning that accounts are debited and credited with the same amount across accounts in order of date. Historically, financial information was hand-written into a variety of journals such as sales journals, purchases journals, cash disbursements journals, and cash receipts journals. Now, financial information […]

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