User9677
1 Answer
Bob/PKB
Speaking as a non-accountant who closes out a period every month with her own finances, I balance my checkbook. I take a look at the short and long term liabilities and make sure they are posted up-to-date. I look at income received for the period, as well as income that was generated for the period but not received. Compare expenses and income, generate a balance sheet for the month and year-to-date.
It's basically a matter of knowing what you have, what you owe, and what is owed to you on a specific date.
| 11 years ago. Rating: 6 | |
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