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What Is Balance Sheet Reconciliation?

Nanonets

This process is known as the financial close. Balance sheet reconciliation is a crucial step in the financial close process, serving as a vital control mechanism for organizations. Investigate Discrepancies Analyze the discrepancies found during the comparison process.

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General Ledger (GL): Definition, Significance, Implementation

Nanonets

This meticulous document serves as the foundation for a company's financial statements, categorizing and recording each transaction. Through this rigorous organization, it provides an essential snapshot, offering a comprehensive view of the company's financial health and facilitating detailed financial analysis and reporting.

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What are GL Codes and how to assign them effectively?

Nanonets

Similarly, a retail business that uses separate GL codes for inventory purchases and sales is able to accurately calculate the cost of goods sold (COGS), a critical figure for both financial analysis and tax calculations. Here, you'll be able to view, add, edit, or delete accounts and their corresponding GL codes.