Closing entries transfer revenue and expense balances to the retained earnings account. This process resets the temporary account balances to zero for the new accounting period. Recording closing ...

The following general ledger/commitment items are used to record expenses as category 2 and 3 of the Statement of Financial Activity (SoFA) report. The categories are outlined alphabetically. Each ...

What is an expense account? An expense account is a record of what a business spends over time. Companies use expense accounts to organize and track every dollar that goes out the door during normal ...

Accounting software gives businesses a straightforward, affordable way to automate bookkeeping and accounting tasks, avoid costly errors and save energy on time-consuming financial tracking processes.

An expense account sounds simple enough, but it actually means two different things in business. First, it’s the process that lets employees pay for work expenses and get reimbursed by their company.