Accrual basis accounting requires your business to record revenue in the reporting period in which you earn rather than receive the revenue. Businesses that receive advance payments -- such as annual ...

You make adjusting entries in your accounting records at the end of an accounting period to account for revenues and expenses that you have earned or incurred but not yet recorded. Adjusting entries ...

Closing the books on an accounting period is a lengthy and complex process. No matter how complex, it needs to start somewhere. For every company, big or small, it starts with a trial balance. This is ...