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In accounting, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting .
A reclass or reclassification, in accounting, is a journal entry transferring an amount from one general ledger account to another. This can be done to correct a mistake; to record that long-term assets or liabilities have become current; or to record that an asset is now being used for a different purpose (e.g. lands becoming investment property intended for resale, rather than as property ...
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
A general journal entry would typically include the date of the transaction (which may be dispensed with after the first entry of the day), the names of the accounts to be debited and credited (which should be the same as the name in the chart of accounts), the amount of each debit and credit, and a summary explanation of the transaction ...
Accounts receivable, accounts payable, Double-entry accounting, Small Business Accounting, Multi-currency in Global versions, automatic bank feeds and downloads, standard business reporting, management reporting, Payroll, incorporated credit card and bank-to-bank Payments, inventory items, expense management Web-based Sage 50cloud: Proprietary ...
Invoice processing : involves the handling of incoming invoices from arrival to payment. Invoices have many variations and types. In general, invoices are grouped into two types: Invoices associated with a company's internal request or purchase order (PO-based invoices) and; Invoices that do not have an associated request (non-PO invoices).
The main difference between the periodic inventory and the perpetual inventory is that the perpetual inventory does not keep the inventory-balance by using the inventory accounts, instead the entire input is booked immediately on the expense accounts. The principle is the following: output= initial inventory + input - final inventory
Momentum accounting and triple-entry book keeping is an alternative accountancy system developed by Japanese academic Yuji Ijiri and the subject of his 1989 monograph. [1] It is proposed as an alternative to double-entry bookkeeping, which is the standard method used in the worldwide financial accounting system.