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Distinguish between the recording and reporting process in accounting?

Anonymous

∙ 10y ago

Updated: 4/28/2022

Recording indicates entering financial transactions into the accounting system such as bank withdrawal, insurance payments and employee salaries. Reporting denotes harvesting the data or transactions that were entered during the recording phase. Report generation can include anything from generating payroll numbers for executives to pulling sales numbers to apply for a loan.

Wiki User

∙ 10y ago

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