So a good rule of thumb is closing out the opening balance equity account in QuickBooks and transferring the balance to the appropriate equity accounts, ensuring that your accounting records…

We can, however, leverage the technology now available in the market to augment age-old processes, aiming to optimize rather than replace them. Solutions such as prepaid cards, or digital expense…

This practice helps identify and rectify any clerical errors promptly. Ensure that your balance sheet monthly account balances match, calculate revenue and expenses accurately, and cross-reference your receipts with bank…

While both assets and expenses have a debit balance on your business’s financial statements, that’s all expenses vs liabilities they have in common. Learn the difference between assets vs. expenses…