Billing Platform

SEPTEMBER 25, 2023

Consisting of a series of steps, the accounts receivable process refers to the money owed to a business for the purchase and delivery of goods or services. Accounts receivable (AR) provides the critical link between making the sale and receiving payment.

Accounts Receivable

Remote Quality Bookkeeping

JULY 28, 2023

When you first started out, you were paying for business expenses out of your personal bank account and tracking your accounts payable and accounts receivable using different methods or separate software programs. That’s where a general ledger comes in. What is a General Ledger?

General Ledger

Nanonets

FEBRUARY 28, 2024

Welcome to our latest blog post, where we embark on a deep dive into the intricacies of the General Ledger (GL) — the bedrock of any business's financial system. We will start with the basics: What exactly is a General Ledger, and why is it paramount to your business's financial health?

General Ledger

Nanonets

JULY 21, 2023

Maintaining accurate financial records is vital for any business, and the general ledger, as the central repository of financial transactions, plays a critical role in this process. Ensuring the accuracy and integrity of the general ledger requires regular reconciliation. What is general ledger reconciliation?

General Ledger

Accounting Tools

AUGUST 18, 2024

Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. Posting only transfers the total balance in a subledger into the general ledger, not the individual transactions in the subledger. What is the General Ledger?

General Ledger

Accounting Tools

OCTOBER 22, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook A general ledger account is a record in which is recorded a specific type of transaction. The ending balances in these accounts are then aggregated and reported in the balance sheet and income statement.

General Ledger

Nanonets

MAY 21, 2024

Accounts receivable reconciliation is a crucial process within accounting and financial management practices undertaken regularly by a business. As transactions with customers and clients occur, businesses generate accounts receivable, which represent amounts owed to them for goods and services sold or rendered.

Accounts Receivable

Accounting Tools

SEPTEMBER 2, 2023

Related Courses How to Audit Receivables How to Conduct an Audit Engagement How to Audit Accounts Receivable If your company is subject to an annual audit , the auditors will review its accounts receivable in some detail. Test invoices listed in receivable report. Confirm accounts receivable.

Accounts Receivable

Accounting Tools

MARCH 24, 2023

Related Courses Bookkeeping Guidebook Credit and Collection Guidebook How to Audit Receivables What is the Accounts Receivable Ledger? The accounts receivable ledger is a subledger in which is recorded all credit sales made by a business.

Accounts Receivable

Accounting Tools

JUNE 12, 2023

A subsidiary ledger stores the details for a general ledger control account. 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

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Closing the Books Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. Posting has been eliminated in some accounting systems, where subledgers are not used.

General Ledger

Accounting Tools

DECEMBER 19, 2023

There are also a number of business transactions that are non-repetitive in nature, and so require the use of journal entries to record them in the accounting records. The fixed asset accountant , general ledger clerk , and tax accountant are most likely to be involved in the use of journal entries.

General Ledger

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. This is the current balance of cash held by a business, usually in checking or savings accounts.

Financial Accounting

Accounting Tools

MAY 19, 2023

A ledger account contains a record of business transactions. It is a separate record within the general ledger that is assigned to a specific asset, liability, equity item, revenue type, or expense type. Terms Similar to Ledger Account A ledger account is also known as an account.

General Ledger

Accounting Tools

JULY 19, 2023

In business, accounting schedules are needed to provide proof for the ending balances stated in the general ledger , as well as to provide additional detail for contracts.

General Ledger

Accounting Tools

JULY 13, 2023

The unadjusted trial balance is the listing of general ledger account balances at the end of a reporting period, before any adjusting entries are made to the balances to create financial statements. The unadjusted trial balance is used as the starting point for analyzing account balances and making adjusting entries.

General Ledger

Accounting Tools

JUNE 7, 2023

Account Record An account can be the record in a system of accounting in which a business records debits and credits as evidence of accounting transactions. Thus, the accounts receivable account stores information about billings to customers, as well as reductions of those billings due to payments from customers.

General Ledger

Accounting Tools

JUNE 19, 2023

Accounting software requires that all journal entries balance before it allows them to be posted to the general ledger , so it is essentially impossible to have an unbalanced trial balance. Thus, the post-closing trial balance is only useful if the accountant is manually preparing accounting information.

General Ledger

Accounting Tools

JUNE 16, 2023

The intent of adding these entries is to correct errors in the initial version of the trial balance and to bring the entity's financial statements into compliance with an accounting framework , such as Generally Accepted Accounting Principles or International Financial Reporting Standards.

General Ledger

Accounting Tools

JULY 8, 2023

Under this method, call up the account detail in the accounting software, and review the appropriateness of each transaction listed in the account. For example, if you are reconciling the trade accounts receivable account, the balance in the account should exactly match the total of the open accounts receivable report.

Reconciling

Nanonets

JUNE 17, 2023

What is Account Reconciliation? Account reconciliation is the process of comparing general ledger accounts (usually from the balance sheet) with supporting documents, such as bank statements, sub-ledgers, and other underlying transaction details.

Account Reconciliation

Accounting Tools

MAY 21, 2023

Print the Trial Balance The trial balance is a standard report in any accounting software package. If you are operating a manual system, then construct the trial balance by transferring the ending balance in every general ledger account to a spreadsheet.

General Ledger

Accounting Tools

JULY 8, 2023

Otherwise, the balances in the various contra asset accounts would continue to increase over time. Related Articles Account Analysis Accounting Adjustments Books of Original Entry General Ledger Accounts How to Write an Accounting Journal Entry The Difference Between Nominal Accounts and Real Accounts

Accounting

Accounting Tools

OCTOBER 14, 2023

A subsidiary account is an account that is kept within a subsidiary ledger , which in turn summarizes into a control account in the general ledger. A subsidiary account is used to track information at a very detailed level for certain types of transactions , such as accounts receivable and accounts payable.

General Ledger

Accounting Tools

OCTOBER 22, 2024

The total of the transactions in the subledger roll up into the general ledger. For example, a subledger may contain all accounts receivable , or accounts payable , or fixed asset transactions. A summary-level entry is periodically recorded in the general ledger. Number of ledgers.

General Ledger

Accounting Tools

OCTOBER 9, 2023

Step 1: Verify Receipt of Supplier Invoices Compare the receiving log to accounts payable to ensure that all supplier invoices have been received. Accrue the expense for any invoices that have not been received. Step 7: Post Account Balances Post all subsidiary ledger balances to the general ledger.

Financial Statements

Accounting Tools

NOVEMBER 1, 2023

Here are several examples of the types of transactions in which an accountant may become involved: Issuing an invoice to a customer , which involves recording a sale and account receivable. Receiving an invoice from a supplier , which involves recording an expense or asset and an account payable.

General Ledger

Accounting Tools

OCTOBER 26, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is a Control Account? A control account is a summary-level account in the general ledger. This account contains aggregated totals for transactions that are individually stored in subsidiary-level ledger accounts.

General Ledger

Nanonets

APRIL 12, 2024

Companies maintain various internal records to track their financial activities accurately and ensure compliance with accounting standards. Accountants compare the entries in the general ledger with the corresponding figures in subsidiary ledgers, journals, and other internal records.

Bank Reconciliation

Perficient - Accounts Receivable

JULY 7, 2016

The Receivables work area provides three infotiles for Billing, Accounts Receivable and Revenue. Included in these is a number of services for customer billing and payment activities, revenue recognition and adjustments, AR balances and reconciliation to the general ledger.

Billing

Accounting Tools

FEBRUARY 3, 2024

A cash receipts journal is a subsidiary ledger in which cash sales are recorded. This journal is used to offload transaction volume from the general ledger , where it might otherwise clutter up the general ledger. The cash receipts journal is most commonly found in manual accounting systems.

General Ledger

Jetpack Workflow

MAY 19, 2023

However, this task requires you to maintain organized and detailed information on the client’s debits, credits, and balances of various accounts. However, this task requires you to maintain organized and detailed information on the client’s debits, credits, and balances of various accounts.

Bookkeeping

Nanonets

SEPTEMBER 22, 2023

Accounts payable  and  accounts receivable  play a crucial role in a company's financial health and should be managed effectively for optimal  cash flow  and accurate  balance sheet  reporting.  What is Accounts Payable? What is Accounts Receivable?

Accounts Payable

Perficient - Accounts Receivable

JULY 29, 2016

Almost everyone implements General Ledger, Payables, Receivables, and Fixed Assets. In fact, Oracle Loans can be used to turn existing receivables into long term loans with interest payments and other fees, all being recorded into General Ledger into the appropriate buckets as defined in each clients unique setup.

General Ledger

Accounting Tools

MAY 3, 2024

Its main purpose is to remove a source of high-volume transactions from the general ledger , thereby streamlining it. The transaction number, account number, customer name, invoice number, and sales amount are typically stored in the sales journal for each sale transaction.

General Ledger

Accounting Tools

JUNE 12, 2023

Accounts receivable. Confirm account balances, investigate subsequent collections, test year-end sales and cutoff procedures. Review bank reconciliations , count on-hand cash, confirm restrictions on bank balances, issue bank confirmations. Marketable securities. Fixed assets.

Financial Statements

Accounting Tools

SEPTEMBER 8, 2023

An account is a separate, detailed record associated with a specific asset , liability , equity , revenue , or expense item. The general journal is the repository for transactions that are not recorded in a specialty journal. Other General Journal Issues The general journal was more visible in the days of manual record keeping.

General Ledger