Bookkeeping

The statement of retained earnings will include beginning retained earnings, any net income (loss) (found on the income statement), and dividends. The balance sheet is going to include assets, contra assets, liabilities, and stockholder equity accounts, including ending retained earnings and common stock. A trial balance is a report that lists the balances of all […]

It can be challenging to keep track of transactions and use the appropriate account for the HOA company. Therefore, if you are unsure which accounts to use or how to track these transactions, I recommend seeking guidance from an Accountant. In case you don’t have one, we can assist you in finding a ProAdvisor. If they

This entry records your payment by debiting your utility expense account and crediting cash. Using double-entry accounting, this process will need to be completed for each transaction that you record. The credit sale is reported on the balance sheet as an increase in accounts receivable, with a decrease in inventory. Selling goods or services on