Accounting Tools

FEBRUARY 12, 2024

Examples of defensive assets are: Debt securities Savings accounts Certificates of deposit Tangible and Intangible Assets Assets may also be classified as tangible or intangible assets. Intangible assets lack physical substance, while tangible assets have the reverse characteristic.

Deposits

AvidXchange

JULY 14, 2023

This article will share all you need to know about working with us. AvidXchange provides accounts payable (AP) automation Software as a Service (SaaS) to mid-size companies. Options include virtual Mastercard, AvidPay Direct (enhanced direct deposit) or paper check mailed via USPS. What Is AvidXchange?

Deposits

Counto

SEPTEMBER 12, 2024

Implement a Deposit System For Larger Services: Introduce a deposit requirement for high-value services or group bookings. Manage No-Shows: Deposits help reduce financial losses from cancellations or no-shows. Tired of surprise fees from accounting services? This system ensures partial revenue is secured upfront.

Deposits

Accounting Tools

JULY 23, 2024

How to Process Cash Receipts The process of receiving cash is highly regimented, because the task of processing checks is loaded with controls. They are needed to ensure that checks are recorded correctly, deposited promptly, and not stolen or altered anywhere in the process. Deposit Cash Record all checks and cash on a deposit slip.

Deposits

Accounting Tools

AUGUST 8, 2023

A monetary item is an asset or liability that conveys a right to receive or deliver either a fixed or determinable number of units of currency. Examples of monetary items are cash , marketable securities , accounts receivable , accounts payable , sales taxes payable, and notes payable.

Deposits

Accounting Tools

SEPTEMBER 4, 2023

When a company receives a large number of customer payments every day, it can be quite difficult for the cashier to apply the receipts against open accounts receivable in a timely manner. If so, deposits may be delayed. This accesses the correct customer record of open accounts receivable.

Accounts Receivable

AvidXchange

JULY 13, 2023

Understanding Merchant Accounts A merchant account is a bank account that lets businesses accept debit card, credit card and other types of electronic transactions. Your merchant account provider then confirms with the customer’s card issuer that they have sufficient funds.

Accounting

Accounting Tools

OCTOBER 21, 2023

Lapping occurs when an employee alters accounts receivable records in order to hide the theft of cash. This is done by diverting a payment from one customer , and then hiding the theft by diverting cash from another customer to offset the receivable from the first customer. Track the days of accounts receivable on a trend line.

Deposits

Accounting Tools

NOVEMBER 5, 2023

The bank opens the incoming mail, deposits all received funds in the company's bank account, and scans the payments and any remittance information. The scanned images are posted to a secure website, where the company's accounting staff can access the images to apply payments to outstanding accounts receivable.

Deposits

Accounting Tools

MARCH 29, 2024

When issued, debit memos typically appear on the monthly statements of outstanding accounts receivable that are sent to customers. Related Article Credit Memo The debit memo is usually issued in the same format used for an invoice. Of the usages noted here, bank transactions represent the most common usage of debit memos.

Billing

AvidXchange

APRIL 23, 2020

And a recent article from CNBC suggests that this “trial period” may lead to lasting change in how and where we work. Fortunately, electronic invoicing and payments free accounting staff from the constraints of their offices. It also allows for direct deposit, delivering funds directly to your bank account after payment approval.

Invoicing

Jetpack Workflow

AUGUST 24, 2023

In this article, you’ll find a free set of templates to help you get started. Plus, we review a few daily, weekly, monthly, quarterly, and annual accounting tasks successful firm owners keep tabs on to prevent their teams from getting overwhelmed. A simple way to do that is with spreadsheets, using Google Sheets or Microsoft Excel.

Reconciling

Accounting Tools

SEPTEMBER 22, 2023

The offsetting debit is usually either the cash account or the accounts receivable account, and reflects a situation where a customer has at least been billed for services rendered or goods shipped, but the revenue creation process is not yet complete. Interest payable. Sales taxes payable.

Accounting

Jetpack Workflow

MARCH 30, 2023

An accounts payable ledger helps you keep your accounts payable transactions in order so nothing falls through the cracks. In this article, we’ll discuss what an accounts payable template is, the line items it should have, and alternatives to using a manual template. month Essentials: $27.50/month month Plus: $42.50/month

Accounts Payable

Nanonets

MAY 21, 2024

At the core of accounts management lies account reconciliation, the process of comparing various financial documents to ensure accuracy and accountability.      In this article, we shall explore the fundamentals of accounts reconciliation , discussing its importance, processes , and best practices.  

Account Reconciliation

Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process.

Account Reconciliation

oAppsNet

MAY 16, 2024

This article explores comprehensive approaches for handling past due invoices, emphasizing practical strategies, communication tips, and legal considerations to recover owed funds while maintaining positive customer relations.

Invoicing

Nanonets

MAY 8, 2023

If a customer calls you and asks about their payment, can you see the date it was received and deposited? If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit.

Auditing

Nanonets

JULY 21, 2023

In this article, we will delve into the concept of general ledger reconciliation, its importance to businesses, and how to achieve it efficiently with the help of automation, particularly tools like Nanonets. This may include bank accounts, accounts receivable, accounts payable, inventory, and other balance sheet or income statement accounts.

General Ledger

Nanonets

JUNE 21, 2023

This article will provide a comprehensive guide to reconciling payments, its importance, challenges faced, best practices, and the role of automation in enhancing the process. This reconciliation ensures that all payments, deposits, fees, and charges recorded by the business align with the bank's records.

Reconciling

Accounting Tools

SEPTEMBER 20, 2023

The most common asset accounts are noted below, sorted by their order of liquidity. This line item includes all checking and savings accounts, as well as coins and bills kept on hand, certificates of deposit, and Treasury bills. Accounts receivable. Related Articles Does an Expense Appear on the Balance Sheet?

General Ledger

Nanonets

JULY 21, 2023

In addition to accelerating the reconciliation process, reconciliation software also enables an audit trail, significantly improving transparency and accountability. In this article, we look at some of the leading reconciliation software or reconciliation tools and also cover how Nanonets can automate reconciliations.

General Ledger

Cloud Accounting Podcast

AUGUST 3, 2020

David Leary: [00:10:18] There was an article about more fraud in the in the disaster loan program, not PPP program. The thing to take away from this article for me - it was in The Washington Post - was they're indicating there's widespread fraud. The article also talks about how they were overwhelmed. continue your article.

QuickBooks

Cloud Accounting Podcast

APRIL 6, 2020

David Leary: [00:10:45] But ACH, they could process more than that, possibly, if they have your bank account numbers [crosstalk] Blake Oliver: [00:10:50] -they have ACH information for- I saw a number, 60 million. Here's an Accounting Today article called: Some Coronavirus Stimulus Checks May Not Arrive Until September."

Payroll

Cloud Accounting Podcast

SEPTEMBER 1, 2020

A2X posts tidy summaries of sales, returns, and fees from Shopify and Amazon directly into QuickBooks, or Xero that will exactly match the deposits that appear in your bank account. A2X has won the support of Amazon, Intuit, and has hundreds of five-star reviews by accountants and bookkeepers in both the QuickBooks and Xero app stores.

Payroll