Category: Bookkeeping

We KNOW the not for profit sector, and will be able to identify any potential improvements for each organization based on new regulations and best practices that we see every day. These deficiencies make it more likely that the financial statements will contain undetected or unprevented material misstatements. As we approach the final quarter of […]

This means that entries recorded on the left side of the T-account will increase the asset balance and entries recorded on the right side will decrease it. Contra asset accounts have a balance that is opposite from the regular asset accounts. In other words, a contra asset account maintains a credit balance instead of a debit balance. Allowance […]