Recurring Journal is an accounting entry which is repeated periodically in some cases. Recurring journals is required for recording transactions like salary, amortization, recurring purchases, recurring sales etc., The same entries with the same values are recorded in periodic intervals and this differs from case to case.
- Retained Earnings
Reconciliation is the process of comparing a bank statement with the bank ledger (chart of account) entries to correct any discrepancy in the book of accounts. All the companies perform reconciliation to ensure that the accounting is in line with the ...
The income from operating and non-operating activities of a business like sale of goods or services, interest income, etc is known as the revenue for a business. Revenues help to increase the value of Assets and decrease the value of liabilities in a ...
All the profits and losses are appropriated at the end of the year. Some of the profits or losses may be carried forward to the next year as Reserve and Surplus to meet contingencies. These are also known as Retained Earnings. Example For example, ...
US Generally Accepted Accounting Principles (US GAAP)
The generally accepted accounting principles used to prepare the financial statements of companies in the United States.
Xero is a New Zealand–domiciled public technology company, listed on the Australian Securities Exchange. Xero is a cloud-based accounting software platform for small- and medium-sized businesses.