Cash book and ledger Website link A cash book and ledger are both important accounting tools used to keep track of financial transactions, but they serve different purposes. A cash book is a record of all cash transactions that occur within a business, including cash inflows and outflows. It is used to record and reconcile… Read More »
Debit Balance in Accounts Payable A debit balance in accounts payable refers to a situation where the amount owed by a company to its suppliers or creditors exceeds the amount of payments made to them. It represents an outstanding liability that has not yet been settled. Typically, accounts payable is recorded as a credit balance… Read More »
Account Closure and Account Finalization Account closure and account finalization, Closing accounts and finalizing accounts are two separate processes in accounting, each with its own significance. Closing accounts involves the preparation of a company’s accounts at the conclusion of an accounting period, such as a month, quarter, or year. This process entails closing all… Read More »
