All accounting entries of a grantee must be supported by appropriate source documents, recorded in books of original entry, and posted to ageneralledger on a monthly basis.
Au set up ageneralledger for PLP to categorize and account for all transactions affecting the partnership assets and Capital accounts 10 as well as ledger income beginning in 1999. accounts were established for each partner to show distributions to each partner, income received by the partnership, and expenses incurred by the partnership.
He does his invoicing, prints his checks, updates his generalledger, processes his orders and prints out a monthly income statement that he uses to run his business.
My future accounting software will scan invoices and bills, automatically update my generalledger, print out checks and send reminder emails to overdue customers without a bookkeeper doing data entry.