Financial accounting is a multi-step process for companies following double-entry methods. The first and most important step begins with a journal entry: the recording of financial information related ...

A topside journal entry is an adjustment made by a parent company on the accounting sheets of its subsidiaries during the preparation of the consolidated financial statements. They are necessary ...

Adjusting entries are typically made using a journal entry. If you use small-business accounting software — like QuickBooks , Xero or FreshBooks — you might not be familiar with journal entries.

Double-entry accounting is a bookkeeping system that requires two entries — one debit and one credit — for every transaction. Your books are balanced when debits and credits zero each other out.

2. Prepare Journal Entries. Double-entry accounting, considered the standard accounting practice worldwide, requires recording each transaction with two journal entries: a credit entry and a debit ...

The accounting cycle is an eight-step repeatable process essential for accurate financial reporting. It starts with identifying transactions, creating a record, and then allocating each ...

To better advise their clients, in-house counsel should understand key accounting principles and steps in the accounting cycle, including journal entries, the general ledger, trial balances ...

Accrued Interest in Accounting . Entries to the general ledger for accrued interest, not received interest, usually take the form of adjusting entries offset by a receivable or payable account.