For accurate financial reporting it is important to understand the basics of financial accounting services. In case of an audit, your company should be able to prove that the books are in order and necessary financial statements are available. In plain words, financial accounting would mean maintenance and reporting of financial transactions including the purpose, origination, processing and summarization in the account statements.
There are different types of financial statements reported for any organization which includes Income statement, Cash Flow statement, Statement of earnings and Balance sheet details. Journal entries should include complete list of all financial transactions. There’s a method called double entry accounting which takes into consideration two accounts for every transaction.
Next, as part of financial accounting services, all the debit and credit entries from the journal needs to be transferred to the ledger. Once the ledger is ready, the accountant needs to calculate the trial balance. In case the books are not in balance, necessary adjustments are made to rectify the errors.
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