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 ...

If your small business used a mortgage for a home purchase, a journal entry affects the property, mortgage payable and cash accounts. If you paid all cash for a home, a journal entry affects the ...

Journal entries are necessary for adjusting the balances of ledger accounts for a variety of reasons, including recognizing accruals, liabilities and other expenses. If an entry posts incorrectly, it ...

The Public Company Accounting Oversight Board released a staff publication highlighting problems it's seeing with audits of journal entries. Processing Content The publication, Audit Focus: Journal ...