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Control Accounts and Subsidiary Ledgers

A control account is a type of general ledger which provides a summary of the balances within a subsidiary ledger. This account simplifies the financial information contained in the general ledger, yet ensures that the information is accurate for financial statements. So, only the most vital or applicable information is presented, while the details are instead submitted to associated […]

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 […]

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