(This matching of income and cost is typically referred to as the “matching principle”).
One of the first things that help you to know how you’re REALLY doing in your business is to post income actually earned and costs incurred to earn that income in the same time period.If you find a transaction in your accounting records and it doesn’t have the right date on it, it could be a significant problem! Why? Here are a few things to consider: Why is a “bad” date on a QuickBooks transaction a problem?
