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WIP Tip: You recorded a journal entry. Now what?

Updated: Dec 31, 2023



Get in the habit of generating a new trial balance every time you record a journal entry (or entries) to double check your work. Did you need to debit or credit underbillings? Don't assume you did it right until you check!


I can't tell you how many times I used the wrong signs the first time I recorded an entry. Just like everything else, it's best to identify and address errors early on. Always check the trial balance against your work-paper to make sure the balances match in the end!


Remember, the trial balance is one of the most important financial reports you have! So make sure it's accurate!


Thanks!

Ara

ara@thewipreport.com

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