At the end of an accounting period, certain accounts are closed so they have a zero balance at the beginning of the new accounting period. The act of zeroing these accounts is called closing entries.

Discover how accruals affect company finances, with insights into the accrual accounting method, its applications, and examples illustrating its principles.

Learn how double-entry accounting records transactions twice, ensuring balance and accuracy by showing both a credit and a ...

Journal entries are used to change accounting information in financial systems. Following the double-entry system used in modern accounting, these entries always affect at least two accounts -- one ...

The double-entry system protects your small business against costly accounting errors. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you ...

Double-Entry Accounting: What It Means and How It Works Your email has been sent Double-entry accounting is a system of recording transactions in two parts, debits and credits. This method of ...

Proper bookkeeping is an unavoidable task when running a small business, but learning how to keep accounts as a business owner can be stressful. That’s why we’ve designed this simple, ...

Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software. Accounting often starts simple: a few transactions, a basic spreadsheet, and a clear ...