General Ledger Archives - Patriot Software

General Ledger Archives - Patriot Software Mon, 28 Oct 2024 20:30:11 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png General Ledger Archives - Patriot Software 32 32 Suspense Account in Balance Sheet: Use for Questionable Transactions https://www.patriotsoftware.com/blog/accounting/what-is-suspense-account-journal-entry-example/ Fri, 05 Jul 2024 18:14:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-suspense-account-journal-entry-example/

Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries. What is a suspense account? A suspense account is an account where you record unclassified […]

]]> How to Post Journal Entries to the General Ledger https://www.patriotsoftware.com/blog/accounting/how-post-entries-to-general-ledger/ Fri, 05 Jul 2024 17:23:00 +0000 https://pslohio.wpengine.com/uncategorized/how-post-entries-to-general-ledger/

Man posting journal entries to the general ledger online.

As a business owner, you juggle a number of tasks, including accounting. You’re responsible for creating journal entries after every transaction. But that’s not all. You also need to know how to post journal entries to the general ledger. Learn how here. General ledger overview Your general ledger is a record used to sort and […]

]]> Assets vs. Liabilities: The Complete Breakdown https://www.patriotsoftware.com/blog/accounting/assets-vs-liabilities/ Wed, 08 May 2024 18:43:00 +0000 https://www.patriotsoftware.com/?p=55913

If you’re like many business owners, you know that you have to handle certain tasks, like purchasing items, taking on debt, or putting your own money into your business, to get your venture up and running. And when your company processes any type of transaction, whether it’s debt, purchases, etc., you have to record it […]

]]> Real Accounts: What to Know About These Permanent Accounts https://www.patriotsoftware.com/blog/accounting/real-accounts/ Wed, 08 May 2024 18:31:00 +0000 https://www.patriotsoftware.com/?p=54845

Hands on a calculator and holding a notebook.

In accounting, you deal with a variety of accounts to balance and organize your books. One type of account you will likely run into is a real account. But, what are real accounts exactly? And, how does it differ from other accounts in accounting? Allow us to give you the scoop with an overview, examples, […]

]]> Debits and Credits 101: Definitions & Example https://www.patriotsoftware.com/blog/accounting/debits-and-credits/ Wed, 08 May 2024 15:20:00 +0000 https://pslohio.wpengine.com/uncategorized/debits-and-credits/

In accounting, there’s one thing you can’t ignore: how debits and credits work. To keep accurate books, learn and understand the difference between credit vs. debit. Debits and credits keep your books balanced and organized. Read on to learn more about debits and credits in accounting. What are debits and credits in accounting? Part of […]

]]> Golden Rules of Accounting: The Three Rules You Should Always Follow https://www.patriotsoftware.com/blog/accounting/three-golden-rules-accounting/ Fri, 03 May 2024 22:50:00 +0000 https://www.patriotsoftware.com/?p=49113

You might have heard of the Golden Rule in life: Treat others as you want to be treated. But, did you know that there’s also a golden rule for accounting? In fact, there are three golden rules of accounting. And no … one of them is not treating your accounts the way you want to […]

]]> What Is Open-book Management? https://www.patriotsoftware.com/blog/accounting/open-book-management/ Tue, 15 Nov 2022 15:01:41 +0000 https://www.patriotsoftware.com/?p=59992

Want to increase transparency and potentially boost profits? If so, you may consider open-book management. So, what is open-book management? Get to know what open-book management includes, the pros and cons of it, and how it works. Open-book management definition Open-book management (OBM) is the practice of sharing your business’s financial information with employees. OBM […]

]]> The Basics of Franchise Accounting https://www.patriotsoftware.com/blog/accounting/franchise-accounting-basics/ Wed, 09 Nov 2022 15:24:22 +0000 https://pslohio.wpengine.com/uncategorized/franchise-accounting-basics/

Business owner handling franchise accounting.

As a franchise owner, you can run your own business without the risk of starting a brand-new company. Like any business, you take on the many responsibilities of day-to-day operations, including some basic accounting tasks. Though franchise accounting is similar to accounting for other types of businesses, it includes a few extra steps. Franchises Each […]

]]> Use Payroll Reconciliation to Record Your Books Accurately https://www.patriotsoftware.com/blog/accounting/payroll-reconciliation/ Fri, 04 Nov 2022 19:29:00 +0000 https://pslohio.wpengine.com/uncategorized/payroll-reconciliation/

As a small business owner, payroll is one of your biggest expenses. You need to make sure you run payroll and record it in your books correctly every time. Check your general ledger entries with payroll reconciliation for accurate accounting and payroll records. Payroll entries in the general ledger Payroll transactions involve different accounts in […]

]]> Different Types of Equity for Your Small Business: Get the Lowdown https://www.patriotsoftware.com/blog/accounting/different-types-equity-small-business/ Thu, 03 Nov 2022 16:27:36 +0000 https://pslohio.wpengine.com/uncategorized/different-types-equity-small-business/

There are many different accounts you can use to record equity in your business accounting books. Before you can begin tracking equity, you must learn about the different types of equity that can apply to your company. Different types of equity Before jumping into different forms of equity, let’s quickly review what business equity is. […]

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