Quote Originally Posted by Moana View Post
Yes, if you're dealing with a company (public or private) then you should probably maintain financial statements such as balance sheet, cash flow statement, financial statement position and a budget, of course, these are the main statements that are followed by every company. A so-called must even!
If it's for personal then you should probably maintain a trial balance which shows your Debit and Credit of the particular year you assume.
Thank you for this detail explanation. Can you give me a brief explanation of the trial balance?