Accounting Tools

APRIL 6, 2024

What is the Accounts Receivable Aging Report? An accounts receivable aging is a report that lists unpaid customer invoices and unused credit memos by date ranges. Basis for Collection Activities An accounts receivable aging report is used by the collections staff to identify which invoices are overdue.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 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 Accounts Receivable Account Receivables Accounting 75

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. These specialized areas all operate under the supervision of a controller.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

MARCH 25, 2024

A cash receipt is a printed statement of the amount of cash received in a cash sale transaction. A copy of this receipt is given to the customer , while another copy is retained for accounting purposes. The standard cash receipt journal entry for a sale transaction is a debit to the cash account and a credit to the sales account.

Accounting 40

Accounting Accounting 40

Accounting Tools

MARCH 11, 2024

Accrued expenses payable are those obligations that a business has incurred, for which no invoices have yet been received from suppliers. Accounting for Accrued Expenses Payable An accrued expense payable is recorded with a reversing journal entry , which (as the name implies) automatically reverses in the following reporting period.

Invoicing 40

Invoicing Bookkeeping Accounting Accounting 40

Accounting Tools

MAY 15, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook The Difference Between the Direct Write-Off and Allowance Methods Under the direct write-off method , a bad debt is charged to expense as soon as it is apparent that an invoice will not be paid.

Reconciling 75

Reconciling Invoicing Accounts Receivable Accounts Receivable 75

Accounting Tools

APRIL 24, 2024

Related AccountingTools Courses Fraud Examination Fraud Schemes How to Audit for Fraud Optimal Accounting for Cash Intercept at Cashier The cashier can remove cash and simply not record the associated transaction in the accounting records. Related Articles Altered Check Bad Check Raised Check

Petty cash 74

Petty cash Deposits Auditing Billing 74

Accounting Tools

OCTOBER 24, 2023

Intercompany Debt For intercompany debt , a business eliminates any loans made from one entity to another within the group, since these only result in offsetting notes payable and notes receivable , as well as offsetting interest expense and interest income. Related Articles Intercompany Accounting

Financial Statements 76

Financial Statements Accounting Accounting 76

Accounting Tools

JUNE 12, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger.

Reconciling 75

Reconciling Accounts Receivable Accounts Receivable Account Receivables 75

Counto

FEBRUARY 12, 2024

Setting Up a Register of Registrable Controllers (RORC) In Singapore, corporate entities, including local and foreign companies, and limited liability partnerships (LLPs), are mandated to maintain a Register of Registrable Controllers (RORC). Upon receiving a notice, recipients have 30 days to respond.

Financial Statements 52

Financial Statements Accounting Accounting 52

Accounting Tools

OCTOBER 14, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Subsidiary Account? 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.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

JUNE 20, 2023

Related Courses Accounting for Intangible Assets Fixed Assets Accounting How to Audit Fixed Assets What are Assets? An asset is something that is expected to yield a benefit in a future period. If an asset is expected to be entirely consumed within the current period, then it is instead charged to expense in that period.

Computation 75

Computation Deposits Auditing Accounting 75

Accounting Tools

MARCH 8, 2024

What is an Accounting Information System? An accounting information system is one that accumulates, stores, and processes financial and accounting information. The internal controls used to ensure that information is recorded correctly. The training employed to ensure that users operate the system correctly.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

MARCH 29, 2024

The finance company will pay for more raw materials as they are needed, and is paid back directly from accounts receivable as soon as customer payments are received. All inventory within the fence is collateral for a loan from the finance company to the borrower.

Corporate Finance 40

Corporate Finance Accounts Receivable Accounts Receivable Account Receivables 40

Accounting Tools

APRIL 12, 2024

What is a Reconciliation in Accounting? Reconciliations are a useful step in ensuring that accounting records are accurate. If a difference is found during a reconciliation, it may be caused by a timing issue, where documentation has been recorded in one of the accounting records, but not the other.

Reconciling 40

Reconciling General Ledger Account Reconciliation Bookkeeping 40

Accounting Tools

OCTOBER 22, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Relevance in Accounting? Relevance is the concept that the information generated by an accounting system should impact the decision-making of someone perusing the information.

Financial Statements 75

Financial Statements Bookkeeping Accounting Accounting 75

Accounting Tools

JUNE 20, 2023

Related Courses Accounting Controls Guidebook Accounting Procedures Guidebook What is an Internal Control Checklist? An internal control checklist is intended to give an organization a tool for evaluating the state of its system of internal controls.

Purchase Order 75

Purchase Order Payroll Invoicing Financial Statements 75

Accounting Tools

FEBRUARY 8, 2024

When someone wants to withdraw cash from the petty cash fund, that person fills out the cash voucher to indicate the reason for the withdrawal, and receives cash from the petty cash custodian in exchange. The vouchers are then stored as accounting records. A cash voucher is a standard form used to document a petty cash payment.

Petty cash 75

Petty cash Reconciling Financial Statements Bookkeeping 75

Accounting Tools

JULY 17, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook A bad debt can be written off using either the direct write off method or the provision method. There are two ways to account for a bad debt, which are noted below. The first approach tends to delay recognition of the bad debt expense.

Invoicing 75

Invoicing Accounts Receivable Accounts Receivable Account Receivables 75

Accounting Tools

JUNE 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Subsidiary Ledger? A subsidiary ledger stores the details for a general ledger control account. Most accounts in the general ledger are not control accounts; instead, individual transactions are recorded directly into them.

General Ledger 75

General Ledger Bookkeeping Financial Statements Accounts Payable 75

Accounting Tools

JANUARY 21, 2024

The information recorded on the receipt includes the date and time, the amount deposited, and the account into which the funds were deposited. A deposit receipt is useful as part of the system of internal controls related to the processing of cash. A deposit receipt is not used when a bank receives checks through a lockbox.

Deposits 40

Deposits Accounting Accounting 40

Accounting Tools

OCTOBER 20, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook Under the cash basis of accounting , business transactions are only recorded when the cash related to them is either issued or received. The cash basis is commonly used in small businesses, since it requires only a limited amount of accounting expertise.

Accruals 76

Accruals Accounting Accounting Accounts Receivable 76

Accounting Tools

APRIL 12, 2024

What is an Allowance in Accounting? Example of an Allowance in Accounting The controller of Games Corporation has noticed a spike in the returns of several of its board games, with the complaint that the boards are delaminating. Accordingly, the controller sets up a $200,000 allowance for warranty claims.

Bookkeeping 40

Bookkeeping Invoicing Accounting Accounting 40

Counto

JANUARY 9, 2024

This process involves registering with the Accounting and Corporate Regulatory Authority (ACRA) through the BizFile+ platform. Step 2: Activate Your Entity’s Customs Account Before engaging in any import or export activities, it is imperative to activate your entity’s Customs Account with the Singapore Customs.

Tax 52

Tax Accounting Accounting 52

Accounting Tools

MARCH 11, 2024

What is an Accounting System? An accounting system is a set of accounting processes with integrated procedures and controls. Though an accounting system can be entirely paper-based, this situation is usually only found in quite small businesses.

Accounting 40

Accounting Accounting Accounting Software Billing 40

Accounting Tools

APRIL 9, 2024

The reserve for encumbrances is an account containing that portion of a fund balance that has been set aside for the payment of an obligation. By using a reserve, a government entity is better able to control its expenditures by avoiding over-commitments of its funds. In short, it is a good way to maintain control over budgeted funds.

Purchase Order 40

Purchase Order Collections Accounts Payable Accounts Payable 40

The Institute of Financial Operations

APRIL 1, 2022

Do a quick litmus test on your current Accounts Payable (AP) processes: How many FTEs in Accounts Payable? Now find out: What percentage of invoices are received in electronic form (OCR, EDI, XML, PDF, Excel, Self-billing, PO-Flip, PCards etc.)? Article by: How many invoices do you process per annum?

Accounts Payable 130

Accounts Payable Accounts Payable AP Data Entry 130

Accounting Tools

DECEMBER 19, 2023

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. The key accountancy tasks are noted below. 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.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

OCTOBER 6, 2023

Related Courses Bookkeeping Guidebook New Controller Guidebook Payables Management What is an Invoice? The buyer records a payable when an invoice is received, but records no accounting transaction at all when a statement is received, since the statement is only informational in nature. What is a Statement?

Invoicing 76

Invoicing Billing Collections Bookkeeping 76

Accounting Tools

APRIL 14, 2024

The supplier uses the information on the remittance advice to flag outstanding receivables in its accounting system as having been paid. In these cases, the payment is automatically associated with the customer’s purchase in the seller’s accounting system. Related Article Check Stub

Invoicing 40

Invoicing Accounting Accounting 40

Accounting Tools

OCTOBER 6, 2023

Related Courses Bookkeeping Guidebook New Controller Guidebook What to Include in the Chart of Accounts for a Small Business A small business needs a chart of accounts to record its accounting transactions. A smaller firm can dispense with the more specialized accounts and instead use an abbreviated chart of accounts.

Accounting 75

Accounting Accounting Bookkeeping CPA 75

oAppsNet

MARCH 21, 2024

In business finance, accounts receivable management is critical to financial stability and growth. From late payments to invoice disputes and inefficient billing processes, navigating the complexities of accounts receivable management requires finesse and strategic planning.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

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 40

Deposits Accounts Receivable Accounts Receivable Account Receivables 40

Accounting Tools

JUNE 12, 2023

Audits have become increasingly common as the complexity of the two primary accounting frameworks , Generally Accepted Accounting Principles and International Financial Reporting Standards , have increased, and because there have been an ongoing series of disclosures of fraudulent reporting by major companies. Accounts receivable.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

Accounting Tools

APRIL 24, 2024

For example, if a company reports in its balance sheet that it had $1,200,000 of accounts receivable as of the end of June, then that amount should indeed have been present on that date. Faithful representation is the concept that financial statements be produced that accurately reflect the condition of a business.

Financial Statements 40

Financial Statements Financial Reporting Bookkeeping Accounts Receivable 40

Accounting Tools

OCTOBER 24, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is Gross Accounts Receivable? Gross accounts receivable is the amount of sales that a business has made on credit, and for which no payment has yet been received.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Accounting 40

Nolan Accounting Center

MAY 15, 2023

This can be challenging for many, which is why it’s important to find an accounting firm you can trust. If your business is located in or near Southeast Wisconsin, let Nolan Accounting handle your financials. In this article, we’ll explain how you can create more efficient financial processes for your business.

Purchase Order 81

Purchase Order Billing Accounting Accounting 81