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What Is Account Reconciliation?

Timing differences occur when the activity that is captured in the general ledger is not present in the supporting data or vice versa due to a difference in the timing in which the transaction is…

Payroll Management: The Ultimate Guide

Consider implementing an online portal where employees can easily access and update their personal information. Running a business requires you to have a handle on a whole host of things. Having a payroll administrator can…

Standard Costing and Variance Analysis

For example, if XYZ company expected to produce 400 widgets in a period but ended up producing 500 widgets, the cost of materials would be higher due to the total quantity (volume) produced. This type…

Opening balance equity definition

For example, if an individual invests $20,000 in the company but also brings in a $10,000 liability, their initial Capital is $10,000 (investment minus liability). After you enter the opening balance, go to your account…