A company's income statement shows the sales, expenses and profits for an accounting period. The balance sheet tracks assets, liabilities and owners' equity. In the double-entry system of accounting, ...

Closing the books on an accounting period is a lengthy and complex process. No matter how complex, it needs to start somewhere. For every company, big or small, it starts with a trial balance. This is ...

A running balance updates as new debits or credits are made, so you always see the most updated balance. Although a running balance is commonly maintained on the same Excel worksheet as the debits or ...