Balancing at Year End Bookkeeping Question

Balancing

Balancing

I do not know what part of the balance sheet reads to what part of the P&L.


Also, What should I look for when balancing? I know about bank balances, AR & AP. What else?

What should I do at year end?

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Balance Cash Book

by lisa alexander
(castries castreis )

patrica records her bank and cash transactyion in a column cash book. On 1 my 2011,she had a cash balence of 110 and bank an overdraft 745 of the following trancation took place during june 2011. 8 received cheque from Alan in full settement of a deptsof 100 Alan deducted 4% settelment dicounts. 15 Withdrew 150 cash for persoonal use.16 paid william 180 by cheque, in full settelment of a debt of 190. Made cash sales of 500 of which 400 was paid straight into the bank and 100 into the cash account paid salaries and wages of 1000 by cheque. write up the cashbook of patricia for the month of june 2011 . balance the cash book and bring down the balance at 1 july 2011.

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Balancing Daily Receipts

by C. Jones
(Spokane, WA)

I recently had a random Dept. of Revenue Excise Tax audit for my business. It all turned out ok but now I'm wondering if my daily receipts should balance out with the deposits. Some deposits are made after the end of the month and show up on the following month. Help! :)

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Balancing FICA

Working as a church bookkeeper, When I enter payroll checks into quickbooks, I enter the social security and medicare separately with the following account titles and explanations. Payroll Liabilities with a negative amount as Employee portion; Tax: Soc Sec or Medi with a positive amount and explained as church tax liability; then under Payroll Liabilities I use a negative amount with the explanation of church portion. This seems to create the report I want for the church board and the check balances. Is this okay?

My problem seems to arise when I want to balance that against the payments made to the government for the withholding taxes. Should I be making the payments to the IRS or to the US Treasury and do I post it as a positive or negative number to Payroll Liabililtes (SS & Med) or Tax:SS & Med? Will these numbers show up on the report? The help resource on my bookkeeping program seems to indicate it would not?

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Maintaining The Balances

by Diana
(South Africa)

I have three Investments accounts in GLedger, all are Debit accounts.
Lets call them I,IIcall account and III. Money gets moved from III into II, I can Journal this so that the balance in III goes down, and the balance in II goes up. When the Money arrives in my current bank account it will get credited off II and so the balance in II is maintained cancelled out

However theres one small catch, there's another account, Long Term Capital Borrowing, which is a credit account, it's balance is supposed to be the same as III, but opposite... whereas III is a debit, this account is a credit, so to maintain the balance all I would do is journal a Credit in III and Debit in the other...

it's that third transaction that has me stumped...

I can only hope I have explained this well, this bookkeeping Pastel is new to me, and whilst the books at work are fairly simple, this has me thinking I'm a total idiot...

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Open Balance Equity (bs)

by Barbara Stone
(Marshall NC USA)

I have just learned Quickbooks. I know that you put a certain amount in opening balance equity to be distributed to each individual account. After doing so, Does the opening balance equity amount ever change on the balance sheet of the individual account?

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