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Common Bookkeeping Problems of Small Businesses
- Accounts are set up incorrectly
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​Cash and Liability accounts don’t reconcile with bank and credit card statements
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Retained Earnings don’t roll from the prior year
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Balance sheet accounts never change year after year
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Balance sheet is out of balance, assets do not equal liabilities + equity
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A/R and A/P aging’s don’t tie to the general ledger accounts respectively
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For partnerships, they don’t have separate partner capital accounts
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