How does double-entry bookkeeping work?

CosmoLex Team

Accountants use your law firm’s , to generate the balance sheet and profit & loss (income) statement. The trial balance contains all general ledger accounts and shows the balances in those accounts. Debits appear on the left side of the trial balance and Credits appear on the left side of the trial balance.[1] Assets and expenses increase with a debit … Read More

Does my accounting program use double-entry bookkeeping?

CosmoLex Team

bookkeeping is a simple type of financial recordkeeping used by individuals and businesses that don’t carry unpaid client balances, have only a few employees, and don’t owe people money.[1] Generally businesses that 1) have less than $5 million in annual gross sales or less than $1 million in gross receipts for inventory sales, 2) are not a C Corporation, 3) … Read More