Nanonets

JANUARY 28, 2024

  In this article, we walk through the reconciliation process in QuickBooks, address common issues, and provide useful tips. You can also opt to add the “service charge” and “interest earned’ fields.    Service Charge : Input any service charge amounts imposed by your bank.

QuickBooks 52

QuickBooks Bank Reconciliation Reconciling Deposits 52

Accounting Tools

MARCH 2, 2024

What is a Bank Balance? A bank balance is the ending cash balance appearing on the bank statement for a bank account. The bank balance can also be derived at any time when an inquiry is made regarding the bank's record of the cash balance in an account. Bank service fees. Check printing charges.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Accounting Tools

APRIL 25, 2024

The party that initially received this check and cashed it must reverse the transaction in its accounting records once it has been notified by the bank. This party may also be charged a fee by its bank. A returned check is a check that is not paid by the financial institution on which it was drawn.

Bank Reconciliation 40

Bank Reconciliation Bookkeeping Auditing Accounting 40

Nanonets

JANUARY 29, 2024

  In this article, we guide you through the credit card reconciliation process in QuickBooks, addressing common issues and providing useful tips to streamline the procedure. Finance Charge: If finance charges are not captured in your QuickBooks Online account, you can add them manually.

QuickBooks 52

QuickBooks General Ledger Reconciling Deposits 52

Counto

FEBRUARY 5, 2024

The GST rate for transactions spanning a rate hike is determined by the payment date or the date of services performed/goods delivered, rather than the invoice date (or posting date in the respect of a reverse charge). Therefore, you should charge 8% GST on the supply.

Invoicing 98

Invoicing Tax Payroll Collections 98

Accounting Tools

JULY 29, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Reconciling a bank statement involves comparing the bank's records of checking account activity with your own records of activity for the same account. In brief, a bank reconciliation is needed to ensure that your checking account balance is correct.

Reconciling 75

Reconciling Bank Reconciliation Deposits Auditing 75

Accounting Tools

FEBRUARY 15, 2024

Not sufficient funds (NSF) is a condition where a bank does not honor a check , because the checking account on which it was drawn does not contain sufficient funds. Upon presentation of the check, Mr. Jones' bank refuses to honor it on the grounds that there are only $300 in his checking account. This is a not sufficient funds check.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Collections 40

Accounting Tools

APRIL 12, 2024

The term also refers to the interest rate that the Federal Reserve Bank charges to depository institutions that take loans from the Fed's discount window. Related AccountingTools Courses Capital Budgeting Financial Analysis Related Article Risk-Adjusted Discount Rate

Financial Analysis 40

Financial Analysis Budgeting 40

Accounting Tools

NOVEMBER 5, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is a Book Balance? An organization uses the bank reconciliation procedure to compare its book balance to the ending cash balance in the bank statement provided to it by the company's bank.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is an NSF Check? An NSF check is a check that was not honored by the bank of the entity issuing the check, on the grounds that the entity's bank account does not contain sufficient funds. NSF is an acronym for "not sufficient funds."

Bank Reconciliation 40

Bank Reconciliation Reconciling Bookkeeping Auditing 40

Nanonets

JANUARY 8, 2024

Bank Reconciliation is the process of matching the company's cash books to the bank statement. Reconciliation includes matching the company’s balance sheet, income statement, bank statements, and expenses. Bank reconciliation is crucial for identifying and minimizing such losses.In

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Nanonets

JANUARY 8, 2024

Bank Reconciliation is the process of matching the company's cash books to the bank statement. Reconciliation includes matching the company’s balance sheet, income statement, bank statements, and expenses. Bank reconciliation is crucial for identifying and minimizing such losses.In

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Accounting 52

Accounting Tools

SEPTEMBER 18, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is a Bounced Check? A bounced check is a check that does not have a sufficient amount of cash in the underlying bank account to support the payment, so the issuing bank refuses to honor it.

Bank Reconciliation 40

Bank Reconciliation Bookkeeping Auditing Accounting 40

Accounting Tools

MAY 21, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is a Full Charge Bookkeeper? A full-charge bookkeeper is the same as a bookkeeper , except that the "full charge" part of the title designates the person as being solely responsible for accounting.

Bookkeeping 75

Bookkeeping Petty cash Payroll Reconciling 75

Cloud Accounting Podcast

APRIL 19, 2023

The M-Score is warning that the chance of fraud is the highest in over 40 years; Did KPMG fail to issue a critical audit matter for Silicon Valley Bank?; The spreadsheet apocalypse, revisited; Former startup founder charged by prosecutors for defrauding JPMorgan Chase; EY split fails; watch out for AI voice cloning scams; and more!

CPA 96

CPA Accounting Accounting QuickBooks 96

Accounting Tools

SEPTEMBER 19, 2023

An overdraft is a short-term line of credit granted by a bank to an account holder when checks presented against the account exceed the amount of cash available in the account. The interest charges and transaction fees charged for overdrafts generate significant profits for banks. Related Articles Cash Overdraft

Accounting 40

Accounting Accounting 40

Accounting Tools

FEBRUARY 12, 2024

A credit sweep is an arrangement between a business and its bank, where the bank automatically uses all excess funds in a deposit account to reduce the firm's outstanding line of credit. Disadvantages of a Credit Sweep Arrangement The main disadvantage of a credit sweep is the related service fee charged by the bank.

Deposits 40

Deposits Accounting Accounting 40

Accounting Tools

MARCH 28, 2024

An outstanding check is a check payment that has been recorded by the issuing entity, but which has not yet cleared its bank account as a deduction from its cash balance. The concept is used in the derivation of the month-end bank reconciliation. Related Articles Returned Check Uncleared Check Undeposited Checks Unpresented Check

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Accounts Payable 40

Accounting Tools

NOVEMBER 4, 2023

A business typically has a credit facility in place with its bank in order to fund its working capital needs on an ongoing basis. Credit Facility Fees In exchange for making credit available to its clients, a bank charges a fee that is calculated as a percentage of the total amount of the credit facility.

Corporate Finance 40

Corporate Finance 40

Accounting Tools

OCTOBER 4, 2023

The prime rate is the interest rate that a commercial bank charges its best customers. The rate is also used to adjust the rates charged on adjustable rate mortgages, credit card debt, home equity loans, and student loans. There is typically little variation in the prime rates set by the major banks.

Corporate Finance 40

Corporate Finance 40

Accounting Tools

NOVEMBER 4, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is a Bank Reconciliation Statement? A bank reconciliation statement is a form used to compare internal records of checking account activity to those stated by the bank. Add the total of all deposits in transit to the bank.

Bank Reconciliation 40

Bank Reconciliation Deposits Record Keeping Auditing 40

Accounting Tools

AUGUST 7, 2023

Underwriting fees are the amounts charged by underwriters for services rendered. The types of underwriting activities will vary by industry, but a common factor is that the amount is not charged or collectible until the related transaction has closed. Investment banks charge a substantial fee for this assistance.

Corporate Finance 40

Corporate Finance Collections Accounting Accounting 40

Accounting Tools

JULY 24, 2023

A registered check is both issued and guaranteed by a bank on behalf of a customer that provides it with the funds for the check. The funds may come from a cash payment, or from the customer’s bank account. Banks charge a fee for this service, since they are providing a guarantee of payment.

Accounting 40

Accounting Accounting 40

Nanonets

MAY 7, 2023

It ensures that credit card transactions match your bank statement transactions. This article will define credit card reconciliation and discuss the two types of reconciliation. Your credit card company charges you for all the transactions it has recorded and not for any more you owe. What is credit card reconciliation?

Bank Reconciliation 52

Bank Reconciliation General Ledger Reconciling Billing 52

Nanonets

APRIL 15, 2024

What is a Bank Reconciliation Statement Bank reconciliation is the process that ensures that a company's recorded cash balances align with the funds in their bank accounts. General Ledger ) and the bank’s records (e.g. Bank Statement ). Bank Reconciliation does the following.  

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Accounting Tools

JULY 18, 2023

When petty cash is to be replenished, debit the expenses to be charged, as stated on received vouchers, and credit the cash account for the amount of cash to be used to replenish the petty cash box. There may also be a debit to office supplies expense for any check supplies purchased and paid for through the bank account.

Petty cash 75

Petty cash Accounts Payable Accounts Payable Payroll 75

Accounting Tools

SEPTEMBER 7, 2023

The interest rate may be fixed over the life of the note, or vary in conjunction with the interest rate charged by the lender to its best customers (known as the prime rate ). An example of a notes payable is a loan issued to a company by a bank.

Accruals 75

Accruals Accounts Payable Accounts Payable Auditing 75

Accounting Tools

APRIL 7, 2024

Issuance costs include audit fees, investment banking fees, legal fees, marketing expenses, and Securities and Exchange Commission (SEC) registration fees. This involves hiring an investment banker, who charges a 3% underwriting fee on the $5 million of bonds that the board wants to issue. What are Issuance Costs?

Financial Statements 40

Financial Statements Corporate Finance Auditing 40

Accounting Tools

SEPTEMBER 12, 2023

Related Courses Corporate Cash Management Payables Management What is a Bank Draft? A bank draft is a payment on behalf of the payer , which is guaranteed by the issuing bank. The bank can safely issue this guarantee because it immediately debits the payer's account for the amount of the check , and therefore has no risk.

Collections 40

Collections Accounting Accounting 40

Accounting Tools

AUGUST 6, 2023

For example, an interest billing from the bank may arrive late, so the expense is accrued. Depreciation and amortization charges on fixed assets. For example, a review of the prepaid expenses account reveals that several items should have been charged to expense in prior months, so these items are charged off at year-end.

General Ledger 75

General Ledger Accruals Billing Reconciling 75

Accounting Tools

NOVEMBER 26, 2023

This means that checks that have had their payment amounts altered or which are derived from stolen check stock will be flagged by the bank. Send Information to Bank The issuing company periodically sends a file to its bank, in which are listed the check numbers, dates, and amounts of all checks issued in the most recent check run.

Accounts Payable 40

Accounts Payable Accounts Payable Accounting Accounting 40

Accounting Tools

JUNE 17, 2023

A bad check is a check that a bank refuses to honor. There are multiple reasons why a bank may take this course of action. For example, a check might be drawn on a non-existent bank account, or the account on which the check is drawn does not contain sufficient funds, or the check was not signed, or the check was not endorsed.

Auditing 40

Auditing Accounting Accounting 40

Counto

FEBRUARY 1, 2024

Accuracy is crucial, as all your revenue will be transferred to your associated bank account. You’ll need to provide your phone number and bank account information for verification. Common questions answered: How much does Shopee charge sellers? a) Be upfront about mandatory charges in your headline price.

Customer Service 52

Customer Service Accounting Accounting Tax 52

Counto

JANUARY 9, 2024

Applying for Inter-Bank GIRO (IBG) To fulfil your obligation of remitting payments for duties, taxes, fees, penalties, and other charges related to services provided by Singapore directly from your bank account to Singapore Customs, you must establish an Inter-Bank GIRO (IBG) arrangement.

Tax 52

Tax Accounting Accounting 52

Accounting Tools

NOVEMBER 20, 2023

This is done instead of issuing a paycheck or a direct deposit payment into a bank account. This is useful when you have employees who do not have a bank account and who do not want one; they are either asking for payment in cash or are taking their paychecks to a check cashing service that charges a high fee. Special payments.

Payroll 40

Payroll Deposits Accounting Accounting 40

Counto

JANUARY 8, 2024

When to Charge GST in Singapore? The Overseas Vendor Registration (OVR) regime mandates the charging of GST on digital services since January 1, 2020. Processing of GIRO Forms If you’ve submitted a GIRO application form, it will be sent to your bank for approval, a process that may take up to 3 weeks.

Tax 52

Tax Collections Auditing Invoicing 52

Accounting Tools

OCTOBER 24, 2023

Best Practices for Employee Advances Employee advances require considerable vigilance by the accounting staff, because employees who have limited financial resources will tend to use the company as their personal banks, and so will be reluctant to pay back advances unless pressed to do so repeatedly.

Payroll 75

Payroll Auditing Accounting Accounting 75