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Businesses with very relaxed or nonexistent internal controls over cash transactions are at a high risk of skimming fraud. The best way to detect and prevent cash skimming is to implement a robust internal control system with a strong emphasis on proper and adequate transaction documentation. In this article, we’ll talk about how cash skimming…

A general ledger, or GL, is essentially the backbone of a company’s financial record-keeping system. It functions as a centralized repository that tracks all of a company’s transactions over time, organized by specific accounts. These accounts are categorized as assets, liabilities, equity, revenue, and expenses. The GL supports the double-entry accounting system, where each transaction…