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Bookkeeping

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Bookkeeping

What is an opening balance and why is it important?

Bookkeeping
– Forgot to illuminate the opening balance equity account when the need was over. – Transaction gets mislabeled in the opening balance equity account. – New data files addition to the record…

What is Reconciliation in Accounting? Types of Reconciliation

Bookkeeping
The company can now take steps to rectify the mistakes and balance its statements. In the event that something doesn’t match, you should follow a couple of different steps. First, there are…

Topic No 704, Depreciation Internal Revenue Service

Bookkeeping
Companies can reduce asset deterioration and the resulting increase in depreciation costs by implementing preventive maintenance schedules and appropriate repair practices. Earnings before interest taxes, depreciation, and amortization (EBITDA) is another financial…

Cash a Check financial definition of Cash a Check

Bookkeeping
A returned deposit item fee is a fee charged when you deposit a check in your account that bounces. A check is a bill of exchange or document that guarantees a certain…
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