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An investigation may determine that the company wrote a check for $20,000, which still needs to clear the bank. In this case, a $20,000 timing difference due to an outstanding check should be noted in the reconciliation. Timing differences occur when the activity that is captured in the general ledger is not present in the

For example, you might complete the Intuit Bookkeeping Professional Certificate or several other bookkeeping courses offered by universities and companies on Coursera. Access Xero features for 30 days, then decide which plan best suits your business. In this module, you’ll be introduced to the role of a bookkeeper and gain an understanding of how to

Special accounting standards also evolved for industries with a fiduciary responsibility to the public such as banks and insurance companies. To protect insurance company policyholders, state insurance regulators began to monitor insurance company solvency. As they did, a special insurance accounting standards, known as statutory accounting principles and practices, or SAP, developed. The term statutory