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Adjusting entries are important, by small business accountants Sydney

Adjusting entries are something that are usually made on the last day of the accounting period and our small business accountants in Sydney will tell you why they are important and what they do.

Adjusting entries are made so that the financial statements reflect the revenues that have been earned and the expenses that were incurred during the accounting period.

Sometimes an adjusting entry is needed because:

• Revenue has been earned, but it has not been recorded
• An expense may have been incurred, but has not been recorded
• Prepaid expenses should not be recorded, so it may need to be altered
• Prepaid goods should not be documented until the service or product has been delivered

Adjusting entries make sure that your balance sheet, income statement and profit and loss all match up and our small business accountant is trained just for that!

So feel free to contact us today and our small business accountants in Sydney will help your accounts match.