Reconciling your Bank Accounts with Your Books
Typically a business should have a Cash account in their general ledger that tracks all of the transactions within a business. These transactions include income from customers, payments made for business expenses, and the like. Similarly, when a business opens a business checking account with a bank, the bank will record all of these transactions on a bank statement. At the end of each month, the bank will close out this list of transactions and mail a statement to the business. This will show every detail for all of the activity for that account, as well as a total balance. Read more
Understanding Profit and Loss Statements
When running any type of business it is important to understand basic accounting methods as well as the associated accounting statements. Perhaps one of the most important statements is profit and loss. Without a firm understanding of this document, you will not be able to completely track the progress of your company. Read more
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Welcome to FINOS, the BooksonSite Business Blog. Here we provide bookkeeping advice for small business owners.
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