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Helpful Topics

Common Bookkeeping Problems of Small Businesses

  • Accounts are set up incorrectly
  • ​Cash and Liability accounts don’t reconcile with bank and credit card statements

  • Retained Earnings don’t roll from the prior year

  • Balance sheet accounts never change year after year

  • Balance sheet is out of balance, assets do not equal liabilities + equity

  • A/R and A/P aging’s don’t tie to the general ledger accounts respectively 

  • For partnerships, they don’t have separate partner capital accounts 

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