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Monthly Statements

Monthly Statements

One of the benefits of GBC membership is that you don’t need to worry about keeping track of sales or purchases. Each month, we’ll send you an itemized statement of all transactions.

GBC adheres to the highest ethical standards of international trade practice in addition to our own stringent rules, code of ethics and IRS regulations.

When you begin bartering, your company bookkeeping must record all transactions at fair market value in accordance with General Accepted Accounting Principles. You will create an additional bank account in your General Ledger that will keep record of all trade purchases and sales.

It’s a lot like a cash sale, where your revenue account is credited and the trade bank account is debited. When you buy a product or service, the asset or expense account is debited and the trade bank account is credited.

At the end of the month, your trade bank account will equal your GBC balance reflected on that month’s statement.

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