General Journals The main purpose of a general journal is to make year-end adjustments Depreciation Interest Owner’s loan accounts Incorrect allocation of sales/expenses or Balance Sheet transactions Accruals/Prepayments Bad
Purpose of Balance Sheet The Balance Sheet keeps a record of all the individual/company assets and liabilities. This will show whether the individual /company is financially strong or weak and
The Purpose Of The Income Statement Any business/company needs to know on an annual basis the amount of turnover/sales that were made and the number of expenses/stock purchased in order
Introduction Before Processing The importance of knowing which invoice is a Supplier invoice and a Customer invoice is to ensure that it is captured correctly. A supplier invoice is an