Bookkeeping & Write-up

From time to time the equality of debits and credits in the ledger should be verified. Generally this verification is done at the end of an accounting period such as monthly, quarterly, semiannually or annually. This verification is termed a trial balance. The trial balance does not provide complete proof of the accuracy of the ledger. It indicates that the debits and credits are equal. In some automated write up systems you can go back to the original entry and make a change that will be reposted to get a corrected trial balance. Other systems require a correcting or adjusting entry to correct a misposting. There are also required entries at the end of a period to record internal transactions which are called adjusting entries. An example of this is the periodic debit and credit to depreciation expense and accumulated depreciation. All automated write-up packages will display and/or print this report at the user's request.

Generally, payments of $600 or more to workers not treated as your employee, rent payments of $600 or more per year, prizes and awards of $600 or more, and Royalty payments of $10 or more per year.

A one-write system refers to a manual ledger. When you write out checks in a special ledger, a carbon impression of that check's information is made in the ledger. The check's information is then extended across in columns under various categories such as purchases, rent, postage, insurance, etc.