In this case, it’s the invoice number.ĭebit notes that $600 is being added to your cash account.Ĭredit notes money leaving cash. Cash Journal Dateĭate lets you know when the entry was recorded.ĭescription includes relevant notes-so you know where the money is coming from or going to. When you’re visiting with your client, they pay the $600 invoice you sent them. You get paid by a customer for an invoice You’re going to meet up with a client, pick up some office supplies, and stop by the bank to make a loan payment. No manually inputting journal entries, thinking twice about categorizing a transaction, or scanning for missing information-someone else will do that all for you. But with Bench, all of your transaction information is imported into the platform and reviewed by an expert bookkeeper. Going through every transaction and making journal entries is a hassle. Suggested reading: How to Read (and Analyze) Financial Statements How Bench can help They let you see, at a glance, how your business is performing. It’s used to prepare financial statements like your income statement, balance sheet, and (depending on what type of accounting you use) cash flow statement.įinancial statements are the key to tracking your business performance and accurately filing your taxes. Your general ledger is the backbone of your financial reporting. Think of “posting” as “summarizing”-the general ledger is simply a summary of all your journal entries. Once business transactions are entered into your accounting journals, they’re posted to your general ledger.
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