At the end of each accounting period, a business makes adjustments to certain accounts to update its records before preparing its financial statements. An unadjusted trial balance is a chart that ...

Accrual basis accounting requires your business to record revenue in the reporting period in which you earn rather than receive the revenue. Businesses that receive advance payments -- such as annual ...

The accounting cycle tracks a transaction until it’s added to your company’s financial statement. Follow this eight-step process to organize the data.

At the end of each reporting period, accountants and bookkeepers verify the records of a business' transactions -- its debits and credits -- for that period. Once this is complete, this ledger is ...