Summary
As part of reviewing our profit and loss and Balance Sheet, we have learned that any chart of account categories that have been set up with an incorrect Account Type could significantly impact how profit/loss figures are reported.
If too many unnecessary chart of account categories have been created, we can merge accounts, and where Product/Service items have been set up incorrectly, a quick edit can update all historical transactions.
Once we are satisfied that everything has been set up correctly, some inconsistencies in our reports may occur, either due to Invoices being raised in advance or Bills being received in advance. To ensure our bookkeeping records follow some standard accounting concepts and principles, we may need to create journal entries to adjust how income and expenditure are being reflected within a particular financial period.
Finally, we learned that an organization may require income and expenditure to be broken down into further detail for internal...
