Xero

SEPTEMBER 7, 2022

None more so than you all — our valued accounting and bookkeeping partners — who have helped your clients navigate a digital acceleration and shift their business models to survive (and thrive). . the option to automatically group accounts according to their account code. Helping your clients avoid the cash flow crunch.

XERO 264

XERO Payroll General Ledger Bank Reconciliation 264

Remote Quality Bookkeeping

APRIL 14, 2025

It involves tracking every dollar that goes in and out of your accounts, ensuring your financial records are accurate and up to date. While bookkeeping and accounting are often used interchangeably, they are different. Bookkeeping focuses on recording financial data , while accounting involves interpreting and analyzing that data.

Bookkeeping 52

Bookkeeping Small Business Bookkeeping General Ledger Accruals 52

Xero

OCTOBER 3, 2022

We’ve added a new feature to the layout editor, so you can set up grouping rules based on account codes. This means any new account that fits the rules criteria will be automatically shown in the right section of the report. Manage POs and contacts in the Xero Accounting app — Global.

XERO 264

XERO Purchase Order Payroll Tax 264

Accounting Tools

JUNE 12, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Audit? A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. Accounts receivable.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

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

APRIL 12, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Cash Basis of Accounting? The cash basis of accounting is the practice of recording revenue when cash has been received, and recording expenses when cash has been paid out. The accrual basis is most commonly used by larger businesses.

Accruals 75

Accruals Financial Statements Accounting Accounting 75

accountingfly

NOVEMBER 21, 2024

Top Remote Candidates This Week Are you in need of remote accountants? Our ‘ Always-On Recruiting ‘ program allows you to connect with highly skilled and experienced remote accounting candidates without any upfront costs. Here are some of our top remote accounting candidates for this week.

CPA 52

CPA Accounting Accounting Payroll 52

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.

Accounting 75

Accounting Accounting Accruals General Ledger 75

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

MARCH 31, 2023

Related Courses Bookkeeping Guidebook Closing the Books The Year-End Close What is an Under Accrual? An under accrual is a situation in which the estimated amount of an accrual journal entry is too low. This scenario can arise for an accrual of either revenue or expense.

Accruals 40

Accruals Financial Statements Accounts Payable Accounts Payable 40

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.

Payroll 75

Payroll Accruals Accounting Accounting 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

MAY 14, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basic Accounting Principles? Accounting principles are the rules that an organization follows when reporting financial information. A number of basic accounting principles have been developed through common usage.

Accruals 75

Accruals Accounting Accounting Financial Statements 75

SMB Accounting and Consulting

DECEMBER 2, 2020

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. These should be integrated in any federal contractors accounting policies.

Accruals 87

Accruals Financial Records Accounting Accounting 87

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

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

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

MAY 15, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is the Allowance for Doubtful Accounts? The allowance for doubtful accounts is paired with and offsets accounts receivable. Actual results may vary from management’s expectations for accounts receivable collections.

Account Receivables 75

Account Receivables Accounts Receivable Accounts Receivable Accounting 75

Accounting Tools

MAY 14, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook Overview of Accounts Receivable When goods or services are sold to a customer , and the customer is allowed to pay at a later date, this is known as selling on credit , and creates a liability for the customer to pay the seller.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable General Ledger 75

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

Counto

MARCH 24, 2025

Payroll services help ensure your business: Complies with statutory leave requirements Files CPF contributions correctly Maintains accurate records for audits or disputes How Payroll Services Support Claims Management Employee expense claims from travel to office supplies can be hard to manage manually. Ready to get started?

Payroll 52

Payroll Deposits Accruals Small Business Accounting 52

Accounting Tools

AUGUST 6, 2023

Year-end adjustments are journal entries made to various general ledger accounts at the end of the fiscal year , to create a set of books that is in compliance with the applicable accounting framework. It is especially necessary to create year-end adjustments when the financial statements are to be audited by the company’s auditors.

General Ledger 75

General Ledger Accruals Billing Reconciling 75

Accounting Tools

AUGUST 6, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Dual Aspect Concept? The dual aspect concept states that every business transaction requires recordation in two different accounts. The offset to the entry increases the accounts payable liability in the balance sheet.

Accruals 75

Accruals Financial Statements Bookkeeping Accounts Payable 75

Accounting Tools

DECEMBER 20, 2023

What is Payroll Accounting? The accounting for payroll involves all aspects of calculating and paying compensation to employees, including the payment of withholdings to third parties. Related AccountingTools Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management Step 4.

Payroll 75

Payroll Deposits Accounting Accounting 75

Accounting Tools

SEPTEMBER 8, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook Most accounting tasks can be divided into financial accounting and managerial accounting. It is useful to describe the differences between these two aspects of accounting, since each one describes a distinctly different career path.

Financial Statements 76

Financial Statements Accounting Accounting Financial Accounting 76

Accounting Tools

DECEMBER 23, 2024

A virtual close involves the use of fully integrated company-wide accounting systems to produce financial statements at any time, on demand. The virtual close requires particular attention to the following areas: Centralized accounting. Standardized accounting. What is the Virtual Close? Error tracking. Enhanced decision-making.

Financial Statements 40

Financial Statements Accruals Accounting Software Auditing 40

Remote Quality Bookkeeping

MAY 15, 2025

DIY Bookkeeping Without Proper Training Trying to manage your books without understanding basic accounting principles can be more damaging than neglecting them altogether. Keeping separate bank accounts and credit cards for your business isnt just good practiceits essential for clean, compliant financial records.

Small Business Bookkeeping 52

Small Business Bookkeeping Business Bookkeeping Bookkeeping Outsourced Bookkeeping 52

Accounting Tools

JUNE 14, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Review? A review does not require the accountant to obtain an understanding of internal control , or to assess fraud risk , or other types of audit procedures.

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

Accounting Tools

JULY 8, 2023

Related Courses Optimal Accounting for Payables Payables Management How is a Voucher Used in Accounting? This packet is useful for keeping related documents in one place, and makes it easier to both justify and audit payables transactions. A voucher is created following the receipt of an invoice from a supplier.

Accounts Payable 75

Accounts Payable Accounts Payable Purchase Order Accruals 75

Accounting Tools

OCTOBER 9, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is an Accounting Method? An accounting method is a set of rules under which revenues and expenses are reported in financial statements. Over the long-term, the choice of accounting method has a reduced impact on profitability.

Accruals 40

Accruals Financial Statements Accounting Accounting 40

Accounting Tools

OCTOBER 26, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Basis of Accounting? The basis of accounting refers to the methodology under which revenues and expenses are recognized in the financial statements of a business. They are noted below.

Accruals 40

Accruals Financial Statements Accounting Accounting 40

Accounting Tools

JULY 24, 2023

Also, the accuracy of this document can be suspect when the cash basis of accounting is used. This report presents a more clear view of a company's cash flows than the income statement, which can sometimes present skewed results, especially when accruals are mandated under the accrual basis of accounting.

Financial Statements 75

Financial Statements Accruals Auditing Accounting 75

Accounting Tools

JULY 15, 2024

The provision for doubtful debts is the estimated amount of bad debt that will arise from accounts receivable that have been issued but not yet collected. It is identical to the allowance for doubtful accounts. The two line items can be combined for reporting purposes to arrive at a net receivables figure.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Accruals 75

Accounting Tools

MAY 21, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Journal Entry? A journal entry is used to record a business transaction in the accounting records of a business. For example, when you generate a sale for cash, this increases both the revenue account and the cash account.

General Ledger 75

General Ledger Financial Statements Accruals Payroll 75

Accounting Tools

APRIL 5, 2023

Related Courses Bookkeeping Guidebook Closing the Books The Year-End Close What are Final Accounts? Final accounts is a somewhat archaic bookkeeping term that refers to the final trial balance at the end of an accounting period from which the financial statements are derived.

Accruals 40

Accruals Financial Statements Accounting Accounting 40

Accounting Tools

NOVEMBER 1, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management The calculation of payroll involves the determination of gross pay , followed by the subtraction of deductions and payroll taxes to arrive at net pay. The calculation of payroll is a highly regimented process.

Payroll 75

Payroll Accruals Collections Tax 75