Journal entry accounting is foundational to strong bookkeeping and financial reporting processes. Business owners need to master the basics of journal entries to see how their company is performing.
It can help business owners ensure that their financial records are accurate and complete, and it helps when preparing financial statements and tracking financial performance.
Whether you're keeping track of transactions in a general ledger by hand or using accounting software, clear and orderly journal entries ensure your records are valuable, useful, and compliant.