Chapter 9: Enhancing the Consistency of Your Financial Statements

In Chapter 8, Best Practices when Reviewing Financial Records, we started by looking at some best practices for reviewing financial records, uncovering some common errors, and making corrections and adjustments where necessary.

Continuing with our theme of reviewing our accounting entries, we may need to make some enhancements. At this stage, we've just covered the basics, and that means making sure that the bank accounts have been fully reconciled and that the customer and supplier balances have been checked and are up to date.

In this chapter, we will cover the following topics:

• Common errors associated with chart of accounts
• Common errors associated with products and services
• Using journals to adjust for accruals and prepayments
• Using other options – Classes, Locations, and Tags

Now that we have some understanding of accounting principles and concepts, we can check our...