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

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. Failing to Reconcile Bank and Credit Card Statements Reconciliation isnt just a formalityits how you ensure your books reflect your businesss reality.

Small Business Bookkeeping 52

Small Business Bookkeeping Business Bookkeeping Bookkeeping Outsourced Bookkeeping 52

Accounting Tools

OCTOBER 19, 2024

The reversing entry typically occurs at the beginning of an accounting period. It is commonly used in situations when either revenue or expenses were accrued in the preceding period, and the accountant does not want the accruals to remain in the accounting system for another period.

Accruals 75

Accruals Account Reconciliation Invoicing Billing 75

Billing Platform

FEBRUARY 20, 2024

Given the more than 1,000 accounting and finance terms , it’s easy to understand why there may be some discrepancies. Although many of the terms are self-explanatory, others such as bookings vs billings vs revenue are frequently misunderstood and used interchangeably. Let’s start with the definition of each.

Billing 52

Billing Accruals Invoicing Reconciling 52

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 is also used when a parent company maintains separate sets of books for each of its subsidiary companies.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Jetpack Workflow

MARCH 21, 2023

We will also take you through the benefits of using Excel spreadsheets for your bookkeeping needs and provide free templates for the major business accounting processes. There are several disadvantages to using spreadsheets for your bookkeeping: Excel requires a lot of manual work to enter accounting data.

Bookkeeping 52

Bookkeeping Bank Reconciliation Reconciling Accounting Software 52

SMB Accounting and Consulting

MARCH 6, 2024

Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow. In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses.

Accruals 52

Accruals Accounts Payable Accounts Payable Accounting 52

Accounting Tools

JULY 13, 2023

Related Courses Bookkeeping Guidebook Closing the Books The Year-End Close What is an Unadjusted Trial Balance? 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.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Accounting Tools

APRIL 8, 2023

Otherwise, someone reviewing the books at a later date will have no idea why the entry was created. Use an automatically reversing journal entry for accruals whose impact is intended to be for a single accounting period. By doing so, you do not have to worry about manually reversing the entry in the next accounting period.

Accounting 73

Accounting Accounting Accounts Payable Accounts Payable 73

AvidXchange

SEPTEMBER 30, 2015

Cash management, accounts receivable, prepaid expenses, fixed assets, accounts payable – there are countless activities that must be accounted for before closing the books for the month. We’ve seen companies dramatically improve their month-end close by automating accounts payable processes.

AP 52

AP Accruals Accounts Payable Accounts Payable 52

Accounting Tools

JULY 8, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Closing the Books What are the Steps in the Accounting Process? The accounting process is three separate types of transactions used to record business transactions in the accounting records. We will address these three parts of the accounting process below.

Financial Statements 75

Financial Statements Accounting Accounting General Ledger 75

Less Accounting

NOVEMBER 18, 2022

Get current on your bookkeeping The biggest task you’ll be facing to prepare for tax season is making sure your books are up to date. It can be much too easy to let things slide during the year and your books may reflect that. From there take a look at your accounts receivable and accounts payable. the past year).

Tax 52

Tax Accruals CPA Bookkeeping 52

Nanonets

APRIL 4, 2023

Because of this, larger or more complex businesses and companies with shareholders will choose the other accounting method: accrual accounting. Under accrual accounting, you would record the income from the sale in January rather than February because that is when you actually earned money.

Small Business Accounting 52

Small Business Accounting Accruals Accounting Accounting 52

Accounting Tools

MAY 3, 2023

Related Courses Closing the Books The Soft Close The Year-End Close What are Adjusting Entries? Adjusting entries are journal entries recorded at the end of an accounting period to alter the ending balances in various general ledger accounts. For example, if you accrue an expense, this also increases a liability account.

Accruals 40

Accruals General Ledger Bank Reconciliation Financial Statements 40

Accounting Tools

JULY 16, 2023

Examples of Accounts An account is a separate, detailed record associated with a specific asset, liability, equity, revenue, expense, gain, or loss. One is a debit to the accounts receivable account for $1,500 and a credit to the revenue account for $1,500. You sell the goods to a buyer for $1,500.

Accounting 40

Accounting Accounting Accounts Receivable Accounts Receivable 40

Nanonets

MAY 6, 2024

The General Ledger is a central accounting record that contains all financial transactions of a business, organized in a systematic and structured manner.    The GL comprises various accounts, each representing a specific financial aspect of the business.  

General Ledger 52

General Ledger Reconciling Data Entry Payroll 52

Jetpack Workflow

SEPTEMBER 1, 2024

Adjust entries for depreciation, accruals, and deferrals as necessary. Close Out the Fiscal Year Closing the books at the end of the year requires accounting professionals to review and reconcile financial transactions for accuracy and completeness. Finalizing the books can be one of the more tedious accounting processes.

General Ledger 52

General Ledger Financial Statements Accounting Accounting 52

Nanonets

SEPTEMBER 21, 2023

Adjusting entries are made for accounts that have not been recorded yet or have been recorded incorrectly. The purpose of adjusting entries is to align the financial statements with the accrual basis of accounting, which recognizes revenue and expenses when they are earned or incurred, not when they are paid. Revenue $15,000.00

General Ledger 40

General Ledger Financial Statements Accounting Accounting 40

Invoicera

JUNE 10, 2024

There are a lot of individuals who find it challenging to prepare cash flows because- It’s the only statement produced in cash terms, not on an accrual basis. Accounting records must be modified to remove non-cash elements, which may be difficult. Accounts receivable and inventory are examples of assets.

Computation 52

Computation Accounts Payable Accounts Payable Invoicing 52

Cloud Accounting Podcast

AUGUST 3, 2020

David Leary: [00:09:37] Unless some miracle happens on the Hill tomorrow, or today possibly - I'm sure they've worked all weekend- Blake Oliver: [00:09:45] This is not good news, but I do have a little bit of good news, which is that the IRS is making it easier to change your accounting method during the pandemic.

QuickBooks 40

QuickBooks XERO Bookkeeping Payroll 40

Cloud Accounting Podcast

JUNE 1, 2020

So, now, account administrators can set up time-off codes and accruals; admins and managers can enter time off in bulk; admins and managers can approve or deny team members' time-off requests; and depending on the account settings, team members can enter time off, or they can request time off. David Leary: [00:45:19] Really?

Tax 40

Tax Billing QuickBooks Payroll 40