Bookkeeping

You might also want to check out this podcast episode where I discussed how to include client questions & support in a subscription plan. Go ahead and identify the services that you want to include and decide what your gold, silver, and bronze services will look like. A packaged service is repeatable so you’re very … Read more

The result was capital assets were overstated by $147,118 and Public Works expenses were understated by the same amount. If the correction does not affect net position or fund balance, present the appropriate reclassification and disclose the change and the line items affected. An error (see below) occurs when a government should have known facts … Read more

This increase isn’t part of net income yet—it’s parked under AOCI until the stock is sold. Updates to accounting standards, such as IFRS 9 replacing IAS 39, have altered how financial instruments are classified and measured, impacting whether changes in value affect AOCI or net income. AOCI is essential for investors and analysts as it … Read more

Errors such as posting to the wrong account or using incorrect amounts can disrupt the balance. Once all closing entries are complete, the information is transferred to the general ledger and the post-closing trial balance is complete. The next step in the accounting cycle is to prepare the reversing entries for the beginning of the … Read more