Russo

Well-documented transactions reduce the likelihood of errors, facilitate reconciliation processes, and expedite the resolution of any discrepancies. The continuation of unresolved suspense accounts can result in several potential risks and consequences for organizations. It is, therefore, imperative for organizations to proactively manage and resolve suspense accounts to mitigate these risks effectively. It can highlight areas

Reversing entries prevent double-counting income when payment is received in the following period (current accounting period), keeping records clean and accurate. These are optional, but incredibly useful, journal entries made at the start of a new period to reverse certain adjustments from the prior one. By doing so, they prevent duplication, reduce manual errors, and