A post-closing trial balance is the final trial balance prepared before the new accounting period begins. Used to make sure that beginning balances are correct, the post-closing trial balance is also used to ensure that debits and credits remain in balance after closing entries have been completed.
Why small business owners should always estimate an allowance for doubtful accounts (ADA)
An allowance for doubtful accounts is a contra asset account used by businesses to estimate the total amount of goods and services sold that they do not expect to receive payment for. Located on your balance sheet, the allowance for doubtful accounts is used to offset your accounts receivable account balance.
How to Create a Master Budget for Your Business
A master budget is a series of smaller budgets that are rolled up into one larger budget to provide a more comprehensive view of your business.
Combining an operating budget with a financial budget, a master budget is typically prepared for the upcoming year, and it can also be a...