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The Evolution of Double-Entry Bookkeeping: A Historical Perspective
By requiring that every transaction be recorded in at least two accounts, this system creates a built-in mechanism for cross-verification. This dual recording helps ensure that the financial statements accurately reflect the company’s financial position. In the double-entry system, transactions are categorized into debits and credits, which are recorded in...
How to do a step-by-step bank reconciliation
It’s important to perform a bank reconciliation periodically to identify fraudulent activities or bookkeeping and accounting errors. This way, you can ensure your business is in solid standing and never be caught off-guard. All of your bank and credit card transactions automatically sync to QuickBooks to help you seamlessly track...