The difference between ledger balance and memo balance is essential to understand to avoid incurring unnecessary overdraft fees. Banks charge enormous penalties to customers who draw against ...

Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

Reconciliations, performed in accounting to minimize errors, are basically comparisons of two different reports or documentation. Because the general ledger, or G/L, is made up of accounts, ...

A company’s general ledger function requires regular upkeep to streamline the number of accounts, store the most current information in readily accessible locations and contribute to a quick, ...