Less Accounting

MAY 13, 2024

However, effective bookkeeping is vital for maintaining the financial health of the business, managing cash flows, and making well-informed strategic decisions. This article explores the numerous ways in which effective outsourced bookkeeping can bolster small business growth.

Outsourced Bookkeeping 59

Outsourced Bookkeeping Bookkeeping Bookkeeping Services Small Business Bookkeeping 59

Accounting Tools

MARCH 2, 2024

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. What is a Book Balance? A book balance is the account balance in a company's accounting records.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

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. The amount of a rejected check should be added to the bank's ending cash balance.

Reconciling 75

Reconciling Bank Reconciliation Deposits Auditing 75

Accounting Tools

JANUARY 26, 2024

A debt service fund is a cash reserve that is used to pay for the interest and principal payments on certain types of debt. Related AccountingTools Courses Auditing State and Local Governments Governmental Accounting The Green Book Explained The Yellow Book Explained Related Articles Fund Accounting Governmental Accounting

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

NOVEMBER 5, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is a Book Balance? A book balance is the account balance in a company's accounting records. If so, and the bank spots the error, the company must adjust its book balance to correct the error.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Accounting Tools

MAY 2, 2024

Otherwise, the owner may buy something (such as real estate) and leave it on the books of the business, when in fact the owner is treating it as a personal possession. Otherwise, undocumented cash appears in the business. An owner cannot extend funds to a business without recording it as either a loan or a stock purchase.

Bookkeeping 75

Bookkeeping Financial Reporting Accounting Accounting 75

Accounting Tools

NOVEMBER 9, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is Ledger Cash? Ledger cash is the net amount of cash when all of an organization's cash accounts have been combined. Terms Similar to Ledger Cash Ledger cash is also known as book cash.

Bank Reconciliation 40

Bank Reconciliation Bookkeeping Auditing Accounting 40

Accounting Tools

JULY 11, 2023

In short, going concern value is the ability of a business to continue to generate positive cash flows in the future. However, with the going concern assumption, an acquirer may be willing to pay much more for a business than the book value of its assets might imply.

CPA 74

CPA 74

Accounting Tools

JUNE 19, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is a Cash Reconciliation? A cash reconciliation is the process of verifying the amount of cash in a cash register as of the close of business. Close out the cash register.

Bank Reconciliation 75

Bank Reconciliation Cash Collection Reconciling Collections 75

Accounting Tools

OCTOBER 10, 2023

Related Courses Auditing State and Local Governments Governmental Accounting The Green Book Explained The Yellow Book Explained What is a Special Revenue Fund? The use of a special revenue fund makes it easier to track cash inflows and outflows related to special-purpose activities. Related Articles Special Assessment Fund

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

APRIL 17, 2024

In particular, intangible assets (such as customer lists and non-compete agreements) were not recorded on the books of the acquiree at all, so their recordation as assets is entirely new. These changes have an impact on the books of the acquirer , which are known as purchase accounting adjustments.

Accounting 40

Accounting Accounting Financial Statements CPA 40

Accounting Tools

MARCH 11, 2024

Accrued expenses payable are not recognized in a business that operates under the cash basis of accounting , since these entities only recognize expenses when cash is paid to suppliers. The cash basis of accounting tends to delay the recognition of expenses into later reporting periods. Related Article Accrued Liability

Invoicing 40

Invoicing Bookkeeping Accounting Accounting 40

Accounting Tools

MAY 7, 2024

An income statement is one of the three components of a complete set of financial statements , where the other two reports are the balance sheet and statement of cash flows. Related Articles Income Statement Accounts Income Statement Template Reporting Expenses by Function The Purpose of the Income Statement Types of Income Statements

General Ledger 73

General Ledger Accounting Software Financial Statements Tax 73

Accounting Tools

JANUARY 20, 2024

The lack of a supplier billing is typically because the invoice is in transit, and does not arrive from the supplier until after the books have been closed for the reporting period. Accrued costs are not used in a business that operates under the cash basis of accounting , since it only records transactions when there is a transfer of cash.

Purchase Order 40

Purchase Order Billing Financial Statements Invoicing 40

Accounting Tools

SEPTEMBER 11, 2023

Related Courses Business Ratios Guidebook The Interpretation of Financial Statements What is Free Cash Flow per Share? Free cash flow per share measures the amount of cash spun off by a business. Related Articles Book Value per Share Dividend per Share Free Cash Flow Yield Market Value per Share

Financial Statements 40

Financial Statements 40

Accounting Tools

JUNE 8, 2023

Bank Statement A bank statement contains a number of adjustments to a company's book balance of cash on hand that the company should reference to bring its records into alignment with those of the bank. Cash Register Tape A cash register tape can be used as evidence of cash sales, which supports the recordation of a sale transaction.

Petty cash 75

Petty cash Invoicing Bookkeeping Reconciling 75

Cloud Accounting Podcast

MARCH 29, 2024

Let the listeners of The Accounting Podcast know by running a classified ad. Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: [link] Transcripts The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Accounting 64

Accounting Accounting Bookkeeping 64

Accounting Tools

NOVEMBER 8, 2023

Related Courses Bank Reconciliation Essentials How to Audit Cash Optimal Accounting for Cash What is a Bank Balance? A bank balance is the ending cash balance appearing on the bank statement for a bank account. The accounting staff will then use this figure as part of its daily bank reconciliation procedure.

Bank Reconciliation 40

Bank Reconciliation Deposits Auditing Accounting 40

Accounting Tools

JULY 30, 2023

A complete set of audit procedures is needed before the auditor has enough information to decide whether a client's financial statements fairly represent its financial results, financial position , and cash flows. Related Articles Analytical Procedures Audit Program Audit Strategy Concurrent Audit Techniques Substantive Procedures

Auditing 75

Auditing Financial Statements Invoicing Accounting 75

Accounting Tools

MAY 19, 2023

Examples of Ledger Accounts Examples of ledger accounts are cash, accounts receivable, inventory, fixed assets, accounts payable accrued expenses, debt, stockholders’ equity, revenue, cost of goods sold, salaries and wages, offices expenses, depreciation, and income tax expense.

General Ledger 75

General Ledger Accounting Accounting Reconciling 75

Accounting Tools

OCTOBER 25, 2023

Related Courses Form 1099 Compliance Payroll Management What is Working Off the Books? The concept of working off the books means that a person is being compensated in cash for services performed, but the payments are not recorded on the books of the employing business. Unemployment income.

Payroll 40

Payroll Tax 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

NOVEMBER 1, 2023

Issuing a salary or wage payment to an employee , which involves recording an expense and the outflow of cash. Reconciling a bank statement , which likely produces adjustments to the cash account. The financial statements include the income statement , balance sheet , and statement of cash flows.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

MARCH 26, 2024

Related AccountingTools Courses Corporate Cash Management Payables Management Treasurer's Guidebook Related Articles Book Transfer Global ACH Terms Similar to Direct Credit A direct credit is also known as direct deposit.

Deposits 40

Deposits Accounting Accounting 40

Accounting Tools

JUNE 19, 2023

Related Courses Bookkeeping Guidebook Closing the Books The Year-End Close What is a Post-Closing Trial Balance? For this reason, most procedures for closing the books do not include a step for printing and reviewing the post-closing trial balance.

General Ledger 75

General Ledger Computation Accounts Payable Accounts Payable 75

Accounting Tools

JANUARY 18, 2024

There may be several journals, each one usually dealing with high-volume areas, such as purchase transactions, cash receipts, or sales transactions. Related Articles Books of Original Entry The Difference Between the General Ledger and General Journal What is a Journal?

General Ledger 75

General Ledger Financial Statements Bookkeeping Accounting 75

Accounting Tools

NOVEMBER 8, 2023

Subtract from the total of these assets the amounts recorded on the books for any intangible assets. This deduction is made on the assumption that intangible assets cannot be converted into cash ; if this is not the case, retain those intangibles that have a conversion value. This includes the amount of any capital leases outstanding.

General Ledger 40

General Ledger Financial Statements Collections Accounts Receivable 40

Accounting Tools

JUNE 17, 2023

Related Courses Business Ratios Guidebook Business Valuation Financial Analysis The Interpretation of Financial Statements What is Book Value per Share? Book value per share compares the amount of stockholders' equity to the number of shares outstanding. Consequently, it is dangerous to compare the two measures.

Financial Analysis 40

Financial Analysis Financial Statements Accounting Accounting 40

Accounting Tools

JUNE 20, 2023

A business transaction is said to have commercial substance when it is expected that the future cash flows of a business will change as a result of the transaction. Timing A transaction can have commercial substance based on its timing, such as a change in the timing of cash inflows received as the result of a transaction.

Financial Statements 75

Financial Statements Tax Accounting Accounting 75

Accounting Tools

AUGUST 5, 2023

Related Courses Auditing State and Local Governments Governmental Accounting The Green Book Explained The Yellow Book Explained What is Fund Accounting? Fund accounting is a system of accounting used by non-profit entities to track the amount of cash assigned to different purposes and the usage of that cash.

Accounting 74

Accounting Accounting Budgeting Auditing 74

Accounting Tools

JUNE 6, 2023

Thus, when closing the books at the end of an accounting period, the investigation of negative account balances is a standard procedure that may uncover several transaction mistakes. Usually, it either means that the debits and credits were accidentally reversed, or that the wrong account was used as part of a journal entry.

Bookkeeping 72

Bookkeeping Accounts Payable Accounts Payable Financial Accounting 72

Accounting Tools

NOVEMBER 1, 2023

Estimate Cash Flows Estimate the future cash flows that will be associated with an asset. Calculate the IRR Calculate the internal rate of return on those cash flows. Derive Depreciation Multiply the internal rate of return by the initial book value of the asset.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

AUGUST 27, 2023

Related Courses Corporate Cash Management How to Audit Cash Optimal Accounting for Cash Treasurer's Guidebook What is Cash? Cash is bills, coins, bank balances, money orders, and checks. Cash is used to acquire goods and services or to eliminate obligations.

Computation 40

Computation Billing Auditing Accounting 40

Nanonets

APRIL 19, 2024

Petty Cash Reconciliation: What is It, Best Practices, and Automation Petty cash, also referred to as a small cash fund, is a fixed amount of money reserved for minor expenses in a business. Integrate Nanonets Reconcile financial statements in minutes Try for Free What is Petty Cash Reconciliation?

Petty cash 52

Petty cash Financial Records Data Entry Reconciling 52

Accounting Tools

OCTOBER 27, 2023

Cash Window Dressing Postpone paying suppliers , so that the period-end cash balance appears higher than it should be. Related Articles Accounting Cushion Aggressive Accounting Controller’s Cushion Creative Accounting Managed Earnings Examples of Window Dressing Examples of window dressing are noted below.

Accounting 75

Accounting Accounting Financial Statements Accounts Receivable 75

Accounting Tools

JUNE 8, 2023

Steps of the Accounting Cycle The following discussion breaks the accounting cycle into the treatment of individual transactions, and then closing the books at the end of the reporting period. Step 5: Close the Books Close the books for the reporting period. The accounting cycle for individual transactions is noted below.

General Ledger 75

General Ledger Financial Statements Accounting Accounting 75

Accounting Tools

AUGUST 25, 2023

Assets Minus Liabilities This is based on the book values of the assets and liabilities on a company's balance sheet , and so does not include internally-derived intangible assets. Fixed Assets Currently in Use This is the most narrow definition, focusing only on the book values of fixed assets currently involved in operations.

Financial Statements 40

Financial Statements 40