Stale Balances
Updated: Aug 23, 2022
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!!
See you next time!