Accounting word of the Week
As we our fast approaching the end of the year, I would like to start addressing a few things to remember in the next couple of weeks.
Today, I would like to discuss what is in the meaning of year-end adjustments. The process is for the business to adjust multiple accounts at the end of the fiscal year (or can be done quarterly) in order to correctly state it for financial statement prepartion purposes. There are a few types of adjustments that are needed: accrual or deferral of a revenue or expense account items, reclassification, adjustments to conform book figures to physcial counts (i.e. inventory), and reflecting unusal transactions.
If you need help in this important process, please reach out to A & C Bookkeeping Services. We can assist with your accounting needs.