Accounting Tools

NOVEMBER 3, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook The accrual basis of accounting is used to record revenues and expenses in the period in which they are earned, irrespective of the timing of the associated cash flows. How do we convert accrual basis accounting records to the cash basis?

Accruals 75

Accruals Accounting Accounts Payable Accounts Payable 75

Xero

MAY 16, 2023

Process any outstanding superannuation payments To claim a deduction on superannuation accruals submitted via auto super for the current financial year, super batches should be approved no later than 2:00pm AEST, 14 June 2023. For more information, read this article on how to adjust the lump sum value for unused leave.

XERO 55

XERO Payroll General Ledger Reconciling 55

Xero

MAY 13, 2024

Process any outstanding superannuation payments To claim a deduction on superannuation accruals submitted via auto super for the current financial year, super batches should be approved no later than 2:00pm AEST, 18 June 2024. For guidance on reviewing payroll transactions at EOFY, take a look at this support article in Xero Central.

XERO 264

XERO Payroll General Ledger Reconciling 264

Xero

MAY 17, 2022

Reconcile your accounts, comparing the Payroll Activity Summary report and the General Ledger. We havet a support article available in Xero Central that provides some useful information about reviewing your payroll transactions at the end of the financial year. Troubleshooting tips.

Payroll 246

Payroll General Ledger XERO Reconciling 246

Counto

MARCH 20, 2024

Cash vs Accrual Accounting: Which is Better? The choice between cash and accrual accounting can significantly impact how businesses manage their finances. Cash Basis Accounting Cash basis accounting revolves around timing – recording revenue and expenses based on when money exchanges hands.

Accruals 52

Accruals Accounting Accounting Accounts Payable 52

Accounting Tools

SEPTEMBER 22, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management A benefits accrual occurs when a benefit-related expense is recognized despite the absence of a supplier invoice. This approach is required under the accrual basis of accounting.

Accruals 40

Accruals Accounting Accounting Payroll 40

Accounting Tools

JULY 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Accrual Accounting? Accrual accounting is the recording of revenue when earned and expenses when incurred. Accrual accounting results in the most accurate picture of how well a business is actually performing.

Accruals 40

Accruals Accounting Accounting Financial Statements 40

Accounting Tools

OCTOBER 23, 2023

Related Courses Governmental Accounting What is Modified Accrual Accounting? Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting. The standards for modified accrual accounting are set by the Government Accounting Standards Board (GASB).

Accruals 40

Accruals Accounting Accounting Financial Statements 40

Accounting Tools

OCTOBER 25, 2023

Related Courses Financial Analysis The Interpretation of Financial Statements What is the Accounting Breakeven Point? The accounting breakeven point is the sales level at which a business generates exactly zero profits , given a certain amount of fixed costs that it must pay for in each period.

Accruals 75

Accruals Accounting Accounting Financial Analysis 75

Accounting Tools

JULY 13, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is an Accrual? An accrual allows a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period. It is an essential element of the accrual basis of accounting.

Accruals 40

Accruals Financial Statements Bookkeeping Billing 40

Accounting Tools

JUNE 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accrual Basis? Accrual basis is a method of recording accounting transactions for revenue when earned and expenses when incurred. The alternative method for recording accounting transactions is the cash basis.

Accruals 40

Accruals Financial Statements Bookkeeping Invoicing 40

Accounting Tools

SEPTEMBER 2, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accruals Concept in Accounting? An accrual is a journal entry that is used to recognize revenues and expenses that have been earned or consumed, respectively, and for which the related cash amounts have not yet been received or paid out.

Accruals 40

Accruals Financial Statements Invoicing Bookkeeping 40

Accounting Tools

JUNE 9, 2024

What is an Over Accrual? An over accrual is a situation where the estimate for an accrual journal entry is too high. This estimate may apply to an accrual of revenue or expense. Thus: If there is an over accrual of $500 of revenue in January, then revenue will be too low by $500 in February.

Accruals 40

Accruals Accounts Payable Accounts Payable Billing 40

The Institute of Financial Operations

JULY 12, 2021

WHAT IS AN ACCOUNTS PAYABLE RECOVERY AUDIT? Quite simply, it is a review of your Accounts Payable historical data for the purpose of identifying and recovering funds paid to your vendors and suppliers resulting from overpayments and under-deductions. WHY SHOULD MY COMPANY CONDUCT AN ACCOUNTS PAYABLE RECOVERY AUDIT?

Accounts Payable 130

Accounts Payable Accounts Payable Auditing Accounting 130

Accounting Tools

SEPTEMBER 2, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accrual Principle? The accrual principle is the concept that you should record accounting transactions in the period in which they actually occur, rather than the period in which the cash flows related to them occur.

Accruals 40

Accruals Accounts Receivable Account Receivables Accounts Receivable 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is a Wage Accrual? It is quite common to have some amount of unpaid wages at the end of an accounting period , so you should accrue this expense (if it is material).

Accruals 40

Accruals Payroll Auditing Tax 40

Accounting Tools

MAY 21, 2023

Related Courses Bookkeeping Guidebook Closing the Books New Controller Guidebook What are Accounting Adjustments? An accounting adjustment is a business transaction that has not yet been included in the accounting records of a business as of a specific date. Recognizing revenue that has not yet been billed.

Accruals 75

Accruals Accounting Accounting Billing 75

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account? An account can have several meanings in the accounting profession. 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.

General Ledger 75

General Ledger Accounting Accounting Accruals 75

Accounting Tools

JULY 26, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basic Accounting Concepts? There are a number of conceptual issues that one must understand in order to develop a firm foundation of how accounting works. These basic accounting concepts are noted below.

Financial Statements 76

Financial Statements Accruals Accounting Accounting 76

Accounting Tools

JULY 8, 2024

These wages are only accounted for if they remain unpaid at the end of a reporting period. If so, they must be recorded under the accrual basis of accounting so that the full amount of compensation expense is recognized during the reporting period. In the following accounting period, the entry automatically reverses.

Accruals 75

Accruals Payroll Accounting Accounting 75

Accounting Tools

SEPTEMBER 22, 2023

Related Courses Bookkeeping Guidebook Human Resources Guidebook Payroll Management Accounting for a Bonus Accrual A bonus expense should be accrued whenever there is an expectation that the financial or operational performance of a company at least equals the performance levels required in any active bonus plans.

Accruals 40

Accruals Payroll Tax Bookkeeping 40

Accounting Tools

DECEMBER 20, 2023

What is an Accounting Entry? An accounting entry is a formal record that documents a transaction. In most cases, an accounting entry is made using the double entry bookkeeping system , which requires one to make both a debit and credit entry, and which eventually leads to the creation of a complete set of financial statements.

Accruals 75

Accruals Accounting Accounting General Ledger 75

Accounting Tools

JULY 12, 2024

What is Governmental Accounting? Governmental accounting maintains tight control over resources, while also compartmentalizing activities into different funds in order to clarify how resources are being directed at various programs. Some types of funds use a different basis of accounting and measurement focus. Debt service fund.

Accounting 75

Accounting Accounting Accruals Collections 75

Accounting Tools

MAY 24, 2023

Related Courses Closing the Books The Year-End Close The Soft Close What is an Accrual-Type Adjusting Entry? An accrual-type adjusting entry is a journal entry recorded at the end of a reporting period that alters the amount of revenues or expenses recorded in the income statement.

Accruals 40

Accruals Invoicing Accounting Accounting 40

Accounting Tools

JUNE 5, 2024

What is an Accrual? An accrual allows a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period. It is an essential element of the accrual basis of accounting. A deferral refers to the delay in recognition of an accounting transaction.

Accruals 40

Accruals Financial Statements Bookkeeping Invoicing 40

FinOps in Practice

AUGUST 9, 2023

It’s like looking at your costs on a cash basis of accounting, which means that expenses are attributed to the dates when you paid to the service provider. Amortized costs AWS Amortized costs, in turn, represent a whole different approach to cloud cost monitoring, showing your spending on an accrual basis rather than a cash basis.

FinOps 130

FinOps FinOps Accruals Billing 130

Accounting Tools

AUGUST 5, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Reasons for Monthly Accruals Accruals allow a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period. Related Articles The Difference Between Accruals and Deferrals What Is an Over Accrual?

Accruals 40

Accruals Financial Statements Bookkeeping Billing 40

Accounting Tools

DECEMBER 18, 2023

What is an Accrual? An accrual is an expense that has been recognized in the current period for which a supplier invoice has not yet been received, or revenue that has not yet been billed. When an accrual is created, it is typically with the intent of recording an expense on the income statement. What is an Under Accrual?

Accruals 40

Accruals Billing Bookkeeping Invoicing 40

Accounting Tools

NOVEMBER 5, 2023

Related Courses Bankruptcy Tax Guide Essentials of Corporate Bankruptcy What is the Liquidation Basis of Accounting? Liquidation basis accounting is concerned with preparing the financial statements of a business in a different way if its liquidation is considered to be imminent. Related Articles Statement of Affairs

Accruals 71

Accruals Accounting Accounting Financial Statements 71

Accounting Tools

MAY 21, 2023

Under the cash basis of accounting , transactions are only recorded when there is a related change in cash. This means that there are no accounts receivable or accounts payable to record on the balance sheet , since they are not noticed until such time as they are paid by customers or paid by the company, respectively.

Accruals 76

Accruals Accounts Payable Accounts Payable Accounts Receivable 76

Future Firm

JULY 21, 2022

Does your firm use an accounting engagement letter when signing on a new client? In this article, you’re going to learn about: What an accounting engagement letter for your firm is. Accounting Engagement Letter: What Is It? Here is an example section for an Accrual Bookkeeping Service. Items to put in yours.

Accounting 98

Accounting Accounting Accruals Bookkeeping 98

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook Accounts receivable is the amount owed to a seller by a customer. Accounts receivable is listed as a current asset on the balance sheet , since it is usually convertible into cash in less than one year.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Accounting 75

Accounting Tools

MAY 24, 2023

By using a soft close, the accounting department can issue financial statements very quickly and then return to its normal day-to-day activities. Or, they may have more variable results from month to month because accruals are not being used to smooth out reported results over multiple reporting periods.

Accruals 75

Accruals Financial Statements Account Reconciliation Auditing 75

Accounting Tools

OCTOBER 19, 2024

A reversing entry is a journal entry made in an accounting period, which reverses selected entries made in the immediately preceding period. The reversing entry typically occurs at the beginning of an accounting period. Simplify accounting. This is done by clicking on a "reversing entry" flag.

Accruals 75

Accruals Account Reconciliation Invoicing Billing 75

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. An accounting manager may elect to engage in posting relatively infrequently, such as once a month, or perhaps as frequently as once a day.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 20, 2023

Related Courses Bookkeeping Guidebook CFO Guidebook New Controller Guidebook What are the Types of Accounting? There are several types of accounting that range from auditing to the preparation of tax returns. Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

JULY 11, 2023

Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management Accrued vacation pay is the amount of vacation time that an employee has earned as per a company's employee benefit policy, but which has not yet been used or paid. Add the number of hours earned in the current accounting period.

Accruals 75

Accruals Payroll Accounting Accounting 75