June Bookkeeping Tip

Make sure your accounting entries reflect the correct balances.

Asset accounts should have debit balances, while liability accounts should have credit balances.

Revenue accounts should have credit balances, while expense accounts should have debit balances.

The most common cause of an incorrect balance is posting entries to the incorrect account, erroneously classifying accounts and duplicating adjusting entries.

If you don’t know what any of this means, it’s probably a good idea to seek assistance from a professional bookkeeper. We’re here to help!

Cara Lee