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ACCOUNTING BEHIND THE SOFTWARE | DAY 10
We've gone from individual transactions to financial statements.
The basic accounting flow is:
Business Transaction
↓
Journal Entry
↓
Ledger
↓
Trial Balance
↓
Financial Statements
QuickBooks and Xero automate a large part of this process.
But they don't change the underlying accounting principles.
A customer invoice.
A supplier bill.
A bank transaction.
A payment.
A reconciliation.
All of these eventually flow into the financial statements.
**Technology changes the workflow.
Accounting principles don't.**
That's why I believe strong bookkeeping starts with understanding the accounting behind the software.
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