By Leanna Kelly 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 to transactions of the business or organization. This provides an audit trail to look back at and analyze, to determine the financial position of an entity.
Because business transactions happen daily, it’s imperative to keep the journal up-to-date and accurate to real-time transactions. Problems within the journal or journal entries that don’t add up spell trouble for any company. Thankfully, journal entries create a paper trail and a system of record that makes …read more
