There are many different types of accounting software that businesses can use. One popular title is Peachtree. In this post, we will discuss the general ledge default settings and also how to add accounts. General Ledger Default Settings The General Ledger records all financial information for your company. Every transaction that occurs is eventually
The first thing you should do when using QuickBooks is to set up a company file. If you are new to QuickBooks, you should seriously consider setting up a company file that is not your company file, but is similar in nature: a “dummy” company. That way, you can practice creating transactions that you would be
In accounting, T-accounts are used to track economic activity within the business. A T-account is an individual record of an increase/decrease in an asset, liability, stockholder’s equity, revenue, or expense. Each T-account consists of three parts: the title of the account, a debit, and a credit. A debit is the left side of the account.
In recent years, many financial scandals have come to light in the media. Companies such as Enron, WorldCom, and AIG have experienced significant scandals due to unethical and sometimes illegal accounting practices. It is important for companies to prepare financial statements correctly and legally to avoid punishment, but also to have an honest relationship with