Suspense Accounts in Accounting: Purpose and Management
You can hold them in a suspense account until you know which account they should move to. Even with uncertainty, the suspense account transactions get cleared once the confusion clears up. On 1 September 20X8, Michelle had a balance outstanding owed to one of her suppliers of $400. How to Reconcile General Ledger Accounts? By […]
Process costing Student Accountant magazine archive Publications Students
Process costing is applied to determine the cost of production in industries where products pass through different phases of production before completion. Process costing can also accommodate increasingly complex business scenarios. While making drumsticks may sound simple, an immense amount of technology is involved. There are many expenses which are incurred for more than two […]
How to Enter an Opening Balance in QuickBooks
Whether not, check the original account balances entry to determine whether a data input mistake occurred. Opening Balance Equity is the offsetting input which is used by you while entering account balances into the QuickBooks accounting software. This account is required when setting up QuickBooks when there are existing account balances. This guarantees the accuracy […]