As there is always room for a human error, it is important to reconcile the general ledger balances to the sub-ledger balances on a periodic basis to spot such errors. Two important accounts that should be reconciled on a monthly basis are accounts receivable and accounts payable. In the past, it was common for a…

Some valuable items that cannot bookkeeping be measured and expressed in dollars include the company’s outstanding reputation, its customer base, the value of successful consumer brands, and its management team. As a result these items are not reported among the assets appearing on the balance sheet. Another recurring entry may involve the same accounts each…