See Also: Chart of Accounts (COA) Trade Account Problems in Chart of Accounts Design Control Account Definition The definition of a control account is a general ledger account that summarizes (or controls) a subsidiary ledger group of detail accounts. The total should equal the sum of the group of similar accounts. The benefit of not
See Also: How to Evaluate IT Systems How to Choose a Software Dealer Technology Strategy for Small to Medium Sized Companies How to Ensure Redundant Data Communications Links How do You Know When it is Time to Buy New Software System Recovery – Modern Modern system recovery processes are complete solutions. It is designed to
See also: Problems in Chart of Account Design Complex COA Number for SGA Expenses Example Chart of Accounts for Selling General and Administrative Account Reconciliation Account Reconcilement Definition Chart of Accounts Defined The chart of accounts (COA) is a listing of the general ledger accounts used by an organization to record transactions. For example, the
Often when a company gets started, the accountant creates a simple chart of accounts to track income and expenses. Additional detail is captured to prepare the tax return and financial statements. But something happens as time passes. More and more accounts are created to track more and more expenses. There are several reasons why this
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