Keeping your company’s financial records up-to-date and accurate can be confusing and painstaking. Journal entries are an essential tool to keep your books accurate. To properly display the correct and current financial information, you must create journal entries to explain the movement of funds from one account to another. At Books Done Better, our journal entry services give you back your time.
Your company relies on accurate and reliable bookkeeping information. By utilizing the right journal entries for your business, you can keep your company’s financial records organized and reconciled with practical journal entry applications including:
- Processing Fees: Many times, credit card companies charge a monthly fee, but it is done separately from the daily settlements and deposits that are displayed in your checking account. To account for this disparity, you can create a journal entry detailing the date, amount, account, and reason for the charge to keep your records up to date.
- Employee Commissions: By law, you have to capture the payment to the employee as part of their W-2 payroll information for year-end reporting. However, once payroll has been completed you may need to move the commission to an expense account to reflect the true nature of the commission paid. This process is completed through a journal entry.
- And More: Journal entries provide a wide range of benefits for your business’s bookkeeping. Speak with our knowledgeable consultants to determine which journal entry your company might need on a daily basis.
In bookkeeping, you need to keep detailed accounts of all your financial transactions. Through accurate journal entries, you can keep track of the date, account, and reason for the transaction. The GAAP account principles allow for journal entries as a tool for your business. At Books Done Better, we can assist you in determining which application will work best for you and we can expertly complete any journal entries for your company.
At Books Done Better, we work with our clients to create precise journal entries for all your needs. Call or contact us to have your books done better.