Adjusting transactions that involve accrued expenses or revenues that have not been entered into the company accounts for the correct accounting period often need to be reversed. These transactions can cause problems when they are entered into the accounts twice, initially as adjusted entries and then in the following accounting period. These entries have to be reversed in order to remove the adjusted accrual entries.Know More
Entries that reverse transactions must be dated on the first day of the accounting period that follows the period when the accrual entries are made. The reverse entries ensure that accrued amounts that belong in the previous period do not affect the accounting record for the next period. According to the Houston Chronicle, the major advantage of reversing entries is that they offset accrued expenses in the period when they are paid. This revision ensures that ledger accounts balance, otherwise transactions which are recognized twice cause an error in the ledger accounts.
Manually reversing entries allows the accountant to post reverse entries to the ledger accounts at any time of the month when there is a need to balance the ledger. Automatic reversing entries are typically made by accounting software at the end of the month.Learn more about Marketing & Sales
The main disadvantages of B2B e-commerce include a limited market, long purchase decision time and a long sales process, according to azcentral. It also leads to an inverted power structure that gives more leverage to the buyer than the seller.Full Answer >
To add a phone number to the National Do Not Call Registry, either call the hot line or visit the registry's website. Both cell phones and land lines can be registered by either method.Full Answer >
Wholesale means "selling in large quantities" while retail means "selling in small quantities." Therefore, wholesalers sell in bulk and retailers sell in individual or smaller quantities. Most often, wholesalers do not sell directly to individual customers, but rather sell goods directly to retailers who are then able to sell to individual customers.Full Answer >
Before you design a survey on consumer awareness, you must define your survey goals. You also need to know how and to whom you plan to circulate your survey, which determines the number of questions you have.Full Answer >