Accounting Tools

JULY 24, 2023

An account is a separate, detailed record about a specific item, such as expenditures for office supplies, or accounts receivable, or accounts payable. There can be many accounts, of which the most common are: Cash. Accounts receivable. Accounts payable. Fixed assets.

Financial Accounting 75

Financial Accounting General Ledger Accounting Accounting 75

Accounting Tools

OCTOBER 24, 2023

Related Courses Business Ratios Guidebook Key Performance Indicators The Interpretation of Financial Statements What are Efficiency Ratios? The following are considered to be efficiency ratios: Accounts Receivable Turnover Accounts receivable turnover is calculated as credit sales divided by average accounts receivable.

Accounts Payable 75

Accounts Payable Accounts Payable Accounts Receivable Accounts Receivable 75

Accounting Tools

NOVEMBER 3, 2023

If an expense has been accrued because there is no supplier invoice for it, remove it from the financial statements. The easiest source of this information is the accrued liabilities account in the balance sheet. Be sure to first examine the contents of this account to ensure that it is correct. Subtract accounts payable.

Accruals 75

Accruals Accounting Accounting Accounts Payable 75

Nanonets

APRIL 12, 2024

Companies maintain various internal records to track their financial activities accurately and ensure compliance with accounting standards. This process helps prevent overdrafts, ensures the company has sufficient funds for operations, and minimizes the risk of financial errors or fraud.

Bank Reconciliation 52

Bank Reconciliation General Ledger Reconciling Deposits 52

Accounting Tools

MARCH 2, 2024

Operating cash flow can be a more reliable indicator of financial health than the reported net income of a business, since net income can be altered by non-cash revenue and expense transactions. It is presented within the first section of the statement of cash flows , which is part of the financial statements.

Financial Statements 40

Financial Statements Accounts Payable Accounts Payable Accounts Receivable 40

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 16, 2023

An adjusted trial balance is a listing of the ending balances in all accounts after adjusting entries have been prepared. The second application of the adjusted trial balance has fallen into disuse, since computerized accounting systems automatically construct financial statements.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Accounting Tools

JUNE 12, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements The total equity of a business is derived by subtracting its liabilities from its assets. The information for this calculation can be found on a company's balance sheet , which is one of its financial statements.

Financial Statements 75

Financial Statements Accounts Payable Accounts Payable Accounts Receivable 75

MineralTree

OCTOBER 5, 2023

Read on to learn the benefits of streamlining and optimizing the accounts payable month-end close process, including information on best practices and the role of automation in achieving operational excellence. These reports include income statements, balance sheets, and cash flow statements. What are Month-End Reports?

AP 76

AP Reconciling Accruals Accounts Payable 76

Accounting Tools

JUNE 14, 2023

The department managers eventually decide that the office supplies account of the sales department should be charged with the expense, so the accounting staff records the following entry: Debit Credit Supplies – Sales dept. All suspense account items should be eliminated by the end of the fiscal year.

Accounting 74

Accounting Accounting Accounts Payable Accounts Payable 74

Accounting Tools

MARCH 8, 2024

Related AccountingTools Courses Accounting Controls Guidebook Accounting Procedures Guidebook New Controller Guidebook Components of an Accounting Information System An accounting information system is typically comprised of several modules, each of which is designed to handle certain types of transactions.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

MAY 13, 2024

Related AccountingTools Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements Liquidity Analysis Liquidity analysis is a detailed review of working capital , involving the calculation of turnover rates for accounts receivable , inventory , and accounts payable.

Financial Analysis 40

Financial Analysis Financial Statements Accounts Payable Accounts Payable 40

SMB Accounting and Consulting

MAY 17, 2024

Financial Statements Once accounting software has been implemented, it is important to understand the different financial reports. Understanding how to read financial statements is crucial for gaining insight into a company’s financial health and performance.

Financial Statements 52

Financial Statements Accounting Software Budgeting Billing 52

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. These tests are needed as evidence to support the assertion that the financial records of an entity are complete, valid, and accurate. What is Substantive Testing?

Auditing 75

Auditing Financial Statements Financial Records Accounts Payable 75

Accounting Tools

JULY 25, 2023

Related Courses Business Ratios Guidebook Key Performance Indicators The Interpretation of Financial Statements What are the Ratios for Analyzing a Balance Sheet? Balance sheet ratios compare the various line items on a balance sheet in order to infer the liquidity , efficiency , and financial structure of a business.

Accounts Payable 40

Accounts Payable Accounts Payable Accounts Receivable Accounts Receivable 40

Accounting Tools

MAY 21, 2023

Related Courses The Balance Sheet The Interpretation of Financial Statements What are the Contents of a Cash Basis Balance Sheet? Under the cash basis of accounting , transactions are only recorded when there is a related change in cash. Accounts receivable. Accounts payable. Prepaid expenses.

Accruals 76

Accruals Accounts Payable Accounts Payable Accounts Receivable 76

Accounting Tools

MARCH 29, 2024

The percentage-of-sales method is used to develop a budgeted set of financial statements. The approach can also be used to forecast some balance sheet items, such as accounts receivable , accounts payable , and inventory. What is the Percentage-of-Sales Method?

Budgeting 40

Budgeting Financial Statements Accounts Payable Accounts Payable 40

Accounting Tools

MAY 19, 2023

Examples of Ledger Accounts Examples of ledger accounts are cash, accounts receivable, inventory, fixed assets, accounts payable accrued expenses, debt, stockholders’ equity, revenue, cost of goods sold, salaries and wages, offices expenses, depreciation, and income tax expense.

General Ledger 75

General Ledger Accounting Accounting Reconciling 75

Bookkeeping Express

JULY 26, 2023

By maintaining accurate financial records, businesses can easily report income, expenses, and deductions, minimizing the risk of errors or audits. Tip: Keep Tax Records Separately – Create a separate file or folder to store all tax-related documents, receipts, and financial statements.

Record Keeping 52

Record Keeping Financial Records Financial Statements Accounts Payable 52

Accounting Tools

JUNE 7, 2023

An accounting manager may elect to engage in posting relatively infrequently, such as once a month, or perhaps as frequently as once a day. Subledgers are only used when there is a large volume of transaction activity in a certain accounting area, such as inventory , accounts payable , or sales.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 16, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is Cash Flow from Assets? This is the net change in accounts receivable , accounts payable , and inventory during the measurement period. Changes in working capital. Changes in fixed assets.

Financial Analysis 40

Financial Analysis Accounts Payable Accounts Payable Accounts Receivable 40

Nanonets

MAY 6, 2024

  The GL comprises various accounts, each representing a specific financial aspect of the business.     Asset Accounts : Include cash, accounts receivable, inventory, and property, plant, and equipment. Liability Accounts : Encompass accounts payable, loans payable, and accrued expenses.

General Ledger 52

General Ledger Reconciling Data Entry Payroll 52

Accounting Tools

JUNE 14, 2023

Substantive procedures include the following general categories of activity: Testing classes of transactions, account balances, and disclosures Agreeing the financial statements and accompanying notes to the underlying accounting records Examining material journal entries and other adjustments made during the preparation of the financial statements (..)

Auditing 40

Auditing Financial Statements Purchase Order Accounts Payable 40

Billah and Associates

JULY 19, 2023

Double-entry bookkeeping : This principle states that every financial transaction should be recorded in at least two accounts, with equal debits and credits. It ensures accuracy and helps maintain the balance of financial statements. It helps organize financial transactions and facilitates reporting and analysis.

Bookkeeping 52

Bookkeeping Financial Statements Accruals Bank Reconciliation 52

Jetpack Workflow

MAY 19, 2023

This financial data allows you to quickly refer back to the previous years’ performance should your client request to see it. This process isn’t always routine and can depend on the nature of a client’s business and the products or services they sell.

Bookkeeping 52

Bookkeeping General Ledger Payroll Financial Statements 52

Accounting Tools

JUNE 12, 2023

Once information has been recorded in a subsidiary ledger, it is periodically summarized and posted to a control account in the general ledger , which in turn is used to construct the financial statements of a company.

General Ledger 75

General Ledger Bookkeeping Financial Statements Accounts Payable 75

SMB Accounting and Consulting

JUNE 21, 2023

When it comes to financial statements, two key documents play a vital role in providing insights into a company's financial health: the income statement and the balance sheet. While both are important in understanding a company's financial position, they serve different purposes and provide distinct information.

Financial Statements 52

Financial Statements Financial Analysis Accounts Payable Accounts Payable 52

Accounting Tools

APRIL 13, 2023

Principal Controller Accountabilities Management Maintains and enforces a documented system of accounting policies and procedures Manage outsourced functions Oversee the operations of the accounting department, including the design of an organizational structure adequate for achieving the department's goals and objectives Oversee the accounting operations (..)

Bank Reconciliation 75

Bank Reconciliation Accounts Payable Accounts Payable Budgeting 75

Accounting Tools

NOVEMBER 1, 2023

This conservative approach is not intended to result in arbitrarily reduced financial statements, but rather to produce results that are unlikely to require future adjustments, thereby gaining the public’s trust in the contents of financial statements.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 40

Nanonets

APRIL 12, 2024

This article will provide a comprehensive understanding of account reconciliation, the benefits and challenges of outsourcing this activity, and the transformative potential of automated reconciliation software.    Integrate Nanonets Reconcile financial statements in minutes Try for Free   What is Accounts Reconciliation?

Account Reconciliation 52

Account Reconciliation Reconciling General Ledger Bank Reconciliation 52

Intuit

JANUARY 19, 2024

A Certified Public Accountant is an accounting professional who performs tasks such as auditing books or analyzing financial statements. CPA Jobs and Specializations CPAs have the opportunity to move into different accounting jobs throughout their careers. What Is a CPA?

CPA 130

CPA Bookkeeping QuickBooks Financial Statements 130

Accounting Tools

OCTOBER 14, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements Working Capital Management What is Working Capital Productivity? The working capital productivity measurement compares sales to working capital.

Financial Statements 40

Financial Statements Accounts Payable Accounts Payable Accounts Receivable 40

Accounting Tools

OCTOBER 11, 2023

Related Courses The Interpretation of Financial Statements The Statement of Cash Flows What is the Direct Method? For example, the statement may include line items for changes in the ending balance of accounts receivable , inventory , and accounts payable.

General Ledger 40

General Ledger Cash Collection Accruals Financial Statements 40

Accounting Tools

JUNE 15, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is the Cash Ratio? It is the most conservative of all the liquidity measurements, since it excludes inventory (which is included in the current ratio ) and accounts receivable (which is included in the quick ratio ).

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Financial Statements 40

Accounting Tools

SEPTEMBER 22, 2023

Liabilities are a component of the accounting equation , where liabilities plus equity equals the assets appearing on an organization's balance sheet. Examples of Liabilities Examples of liabilities are accounts payable , accrued liabilities , accrued wages , deferred revenue , interest payable , and sales taxes payable.

Accounting 40

Accounting Accounting Accounts Payable Accounts Payable 40

Nanonets

APRIL 3, 2024

Traditional bookkeepers are professionals responsible for recording financial transactions, maintaining ledgers, and preparing financial statements manually or using basic accounting software. These professionals play a crucial role in ensuring the accuracy and integrity of a company's financial records.

Virtual Bookkeeping 96

Virtual Bookkeeping Bookkeeping Data Entry Bookkeeping Services 96

Accounting Tools

DECEMBER 10, 2023

Financial assets include cash and marketable securities , while financial liabilities usually refer to debt and leases. Conversely, operating assets include accounts receivable , inventory , and fixed assets ; operating liabilities include accounts payable and accrued liabilities.

Financial Statements 40

Financial Statements Accounts Payable Accounts Payable Accounts Receivable 40