Bookkeeping

The mnemonic for remembering this relationship is G.I.R.L.S. Accounts which cause an increase are Gains, Income, Revenues, Liabilities, and Stockholders’ equity. To begin, enter all debit accounts on the left side of the balance sheet and all credit accounts on the right. Consider which debit account each transaction impacts and whether it ultimately increases or […]

In accounting, you’ll come across certain titles which appear to bear similar duties but actually have unique job descriptions. In this section, we’ll briefly review the roles of accountants vs. CPAs and tax professionals. Our writing and editorial staff are a team of experts holding advanced financial designations and have written for most major financial

At the end of the fiscal year, you transfer the balances in the account to a permanent account. After the closing process, each nominal account starts the next accounting year with a balance of zero. At the end of the accounting year, you close your nominal accounts by transferring them into retained earnings. Or, you