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Stale Balances

Updated: Jun 3


Befriend your balance sheet. See what makes it tick. Pull up a general ledger detail for your balance sheet accounts to understand the flow of information. The last thing you want is an inflated asset or liability account. You may have a stale balance that won't budge.

Always keep in mind the normal balances of your assets and liabilities too. You shouldn't have a large credit balances in your asset accounts or debit balances in liability accounts.


And try to review your ending balances at least once a month at the end of each month to ensure everything is where it needs to be.


Questions? Keep them to yourself! Just kidding don't hesitate to ask!!

ara@thewipreport.com

See you next time!

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