WileyPLUS Assignment: Financial Accounting: Tools For Business Decision Making, Ch. 4 - Learning Activity - Week3 - ACC/290 - eCampus

• • Hi class,

    I would like to discuss timing in preparing the trial balance. At what point at the end of the month should we start preparing the trial balance? In my workplace, we wait until the bank statement is available and reconciled before we start preparing any month end reports. That way we can ensure that all transactions have been recorded. If a transaction that cleared the bank had not been posted, we can get it posted prior to preparing reports. Can you identify any other events that might occur prior to starting the trial balance? How would we record a transaction that is identified after the trial balance has been prepared? I identified a pro for waiting a few days, are there any cons?