Once all journal entries are posted to their individual ledger accounts, they are balanced and the balances are compiled in the form difference between journal and ledger of a trial balance. This forms the base for preparing the financial statements such as profit and loss account and balance sheet. The general ledger serves as the … Read more
Whether you are just starting out or are looking to improve your existing budgeting process, nonprofit budget templates are the perfect tool for you and your organization. Like many businesses, nonprofit organizations often lack the resources and funding to do everything they want. As a result, they need to evaluate their budget and make cuts … Read more
Read on to learn what the average collection period is, how to calculate it, and how it can help you manage your finances more effectively. Your Average Collection Period is a telling indicator of your business’s financial and operational efficiency. If the period is short, congratulations are in order—they’re a testament to your adept credit … Read more