Accounting Tools

JULY 21, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets Equipment is not considered a current asset. Instead, it is classified as a long-term asset. Equipment is not considered a current asset even when its cost falls below the capitalization threshold of a business.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JANUARY 9, 2024

A capital improvement is a major expenditure that enhances a fixed asset to such an extent that the improvement itself can be recorded as a fixed asset. A capital improvement expenditure tends to increase the market value of an asset.

Accounts Payable 40

Accounts Payable Accounts Payable Budgeting Accounting 40

Accounting Tools

OCTOBER 6, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is a Long Lived Asset? A long lived asset is any asset that a business expects to retain for at least one year. This definition can be broadened to include any asset that is expected to be retained for more than one accounting period.

Computation 40

Computation Auditing Tax Accounting 40

Counto

FEBRUARY 4, 2024

Understanding Business Expenses: Types, Categories, and Management Running a successful business involves more than just generating revenue – it requires a keen understanding of your expenses. Some expense categories are tax-deductible, which can significantly reduce your tax liability.

Payroll 52

Payroll Budgeting Tax Auditing 52

Accounting Tools

APRIL 14, 2024

They are usually charged to expense as incurred, in which case the supplies expense account is included within the cost of goods sold category on the income statement. Presentation of Supplies on Hand The Supplies on Hand asset account is classified within current assets, since supplies are expected to be consumed within one year.

Accruals 40

Accruals Accounts Payable Accounts Payable Accounting 40

Accounting Tools

APRIL 7, 2024

Most liabilities fall into this category. Related Articles How to Handle Disputed Liabilities Off Balance Sheet Liability The Difference Between Assets and Liabilities The Difference Between Liability and Debt Troubled Debt Restructuring Accounting These are due for settlement in less than one year. Accounts payable.

General Ledger 75

General Ledger Payroll Deposits Invoicing 75

Accounting Tools

AUGUST 5, 2023

The governmental fund category includes the following funds: Capital projects funds. The proprietary funds category includes the following funds: Enterprise funds. Fiduciary Funds Fiduciary funds are used to report on assets held in trust for the benefit of organizations or other governments that are not part of the reporting entity.

Accounting 74

Accounting Accounting Budgeting Auditing 74

Accounting Tools

MAY 21, 2023

Related Courses How to Audit Cash How to Audit Fixed Assets How to Audit Inventory How to Audit Receivables How to Conduct an Audit Engagement What are Management Assertions? The assertion is that all reported asset , liability , and equity balances have been fully reported. Rights and obligations.

Auditing 75

Auditing Financial Statements General Ledger Accounting 75

Spenmo

NOVEMBER 8, 2022

Potential investors may also use it as a way to evaluate a company’s performance from the comparison of its liabilities against its assets. In this article, we break down the know-how. Assets Assets are everything a business owns that has a financial value tied to it. So, how do you write a balance sheet?

Account Reconciliation 52

Account Reconciliation Financial Statements XERO Accounts Payable 52

Accounting Tools

JULY 13, 2023

We list the various categories of stakeholder in the sections below. Shareholders as Stakeholders Shareholders are a subset of the stakeholder category, since shareholders have invested funds in the business, and so are automatically stakeholders. Related Articles The Difference Between a Shareholder and a Stakeholder

Tax 40

Tax Bookkeeping 40

Accounting Tools

SEPTEMBER 25, 2023

Related Articles Other Comprehensive Income (podcast) Other Comprehensive Income Reclassifications (podcast)

40

40

Accounting Tools

OCTOBER 7, 2023

The analysis of these ratios is designed to draw conclusions regarding the financial performance, liquidity , leverage , and asset usage of a business. Chief among these ratios are the current ratio and quick ratio , which compare certain current assets to current liabilities.

Financial Statements 40

Financial Statements General Ledger Financial Analysis Customer Service 40

Accounting Tools

FEBRUARY 8, 2024

Examples are loans to other entities or expenditures made to acquire fixed assets. Related Articles Statement of Cash Flows Overview The Purpose of the Statement of Cash Flows The reasons for these cash payments fall into one of the following classifications: Operating activities. Examples are payments to employees and suppliers.

Accruals 40

Accruals Record Keeping Financial Statements Accounting 40

Accounting Tools

JUNE 14, 2023

Related Courses How to Audit Cash How to Audit Equity How to Audit Fixed Assets How to Audit Inventory How to Audit Liabilities How to Audit Receivables How to Conduct an Audit Engagement What are Substantive Procedures? Substantive procedures are included in the audit plan around which an audit is structured.

Auditing 40

Auditing Financial Statements Purchase Order Accounts Payable 40

Accounting Tools

MARCH 19, 2024

Asset Recognition Procedure One of the areas in which a procedure can be quite useful is for the initial recognition of a fixed asset in the accounting system , since this is a relatively complicated transaction. The procedure for completing the asset recognition process is outlined below: Determine base unit. Compile cost.

General Ledger 40

General Ledger Auditing Computation Accounting Software 40

Accounting Tools

AUGUST 5, 2023

The Impact of Fixed Asset Purchases Another issue is the recordation of more expensive assets as fixed assets , rather than charging them to expense when purchased. Instead, they are initially recorded as assets and then depreciated , so that the related expense is not entirely flushed out through the income statement for years.

Accruals 40

Accruals Financial Statements Payroll Tax 40

Accounting Tools

JANUARY 30, 2024

Related AccountingTools Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management Statutory Employee A worker is considered an employee if he or she falls into one of the following categories: A driver who delivers food, beverages (other than milk), laundry, or dry cleaning for someone else. They are noted below.

Payroll 40

Payroll Tax Accounting Accounting 40

Counto

JANUARY 11, 2024

These statements provide a snapshot of a company’s financial health and include the following components: Balance Sheet : Also known as the statement of financial position, it showcases a company’s equity, assets, and liabilities at a specific point in time. Total yearly income of S$10 million or less.

Financial Statements 52

Financial Statements AR Corporation Tax Tax 52

Counto

FEBRUARY 4, 2024

Purchases like company vehicles fall into this category. Depreciation: Depreciation on assets, including buildings, machinery, and equipment, can be claimed as capital allowances to offset depreciation. Capital expenses are not allowable, but depreciation of assets may be claimed.

Tax 52

Tax Payroll Accounting Accounting 52

Counto

FEBRUARY 3, 2024

Accounts Payable (AP) Accounts payable, often abbreviated as AP, represents the money your business owes, leading to cash outflow, This category includes various expenses such as the cost of products, travel expenses, raw materials, and transportation. It is recorded as an asset (as it contributes to revenue) on your balance sheet.

Accounts Payable 52

Accounts Payable Accounts Payable Accounts Receivable Accounts Receivable 52

Nanonets

MARCH 4, 2024

Out-of-the-box Categorization: Leveraging GenAI to automatically classify financial transactions into predefined categories without extensive training, customization or manual intervention. Expense Categorization and GL coding:  Nanonets offers the flexibility to customize rules and categories according to your specific needs.

Data Entry 52

Data Entry Expense Reports Invoicing General Ledger 52

Accounting Tools

AUGUST 31, 2023

The bulk of all cash flows will likely be reported within this category. Items that may be included in investing activities include the sale of fixed assets , the sale of investment instruments, the collection of loans, and the proceeds from insurance settlements. What Causes Cash Outflows?

Accruals 75

Accruals Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

NOVEMBER 2, 2023

If an account falls into this category, its monthly total is added to a cost pool , from which the total overhead cost is allocated to a cost object (usually inventory). If these units are held in stock, then the allocated overhead is classified as part of the inventory asset.

Cost Accounting 40

Cost Accounting Accounting Accounting Tax 40

Remote Quality Bookkeeping

JUNE 19, 2023

This article will explore some of the most common expenses related to running a small business and how you should categorize them when trying to get an accurate picture of the expense side of your business. You could be spending significantly more on this expense category during busy times.

Bookkeeping 52

Bookkeeping Budgeting Tax Payroll 52

Remote Quality Bookkeeping

JUNE 19, 2023

This article will explore some of the most common expenses related to running a small business and how you should categorize them when trying to get an accurate picture of the expense side of your business. You could be spending significantly more on this expense category during busy times.

Bookkeeping 52

Bookkeeping Budgeting Tax Payroll 52

Nanonets

JUNE 17, 2023

This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. ​​Common account reconciliation discrepancies can usually be classified into three main categories: timing differences, missing transactions, and transaction errors.

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Accounting Tools

JUNE 19, 2023

Some questions may need to be added for an industry-specific acquisition, while far fewer will be needed for an asset acquisition. Expenses Categorized as Non-Operational A company may shift expenses into a non-operational expense category, such as financing expenses, in order to make its earnings from operations look more impressive.

Financial Statements 73

Financial Statements Auditing Tax Accounts Payable 73

Nanonets

NOVEMBER 14, 2023

In this article, we shall look at how E-Procurement works and discuss its benefits. Oracle Services Procurement Features : Enterprise application for sales and purchasing businesses; automates, controls, and collaborates on the complete P2P process; provides real-time visibility; tracks tax regimes based on different categories.

Purchase Order 52

Purchase Order Vendor Management Invoicing Collections 52

Jetpack Workflow

SEPTEMBER 21, 2023

When you’re already busy running a growing accounting firm, you probably don’t need another article covering the essential accounting tools every firm needs. However, using client accounting services (CAS) software may be helpful as you scale your advisory business. We’ll cover each software solution in more detail in this guide.

Accounting 59

Accounting Accounting Billing QuickBooks 59

IMA's Count Me

APRIL 11, 2021

Sean is also the founder of the Institute for Blockchain and Crypto Asset Research and is a forbes.com contributor in the area of crypto and blockchain. In the conversation you're about to hear now, he talks with Adam specifically about accounting for crypto assets. Let's head over and listen to their conversation now.

Accounting 40

Accounting Accounting AR / AP AR 40

Nanonets

APRIL 24, 2023

The use of OCR in the banking sector falls under two categories – usage by banks and usage by customers and other business entities.  Banks In the rest of the article, we will see how OCR can be used by the customer and other non-bank enterprises, especially to extract data from bank statements.

Deposits 52

Deposits Data Entry Invoicing Computation 52

Accounting Tools

SEPTEMBER 2, 2023

It is particularly valuable for understanding ongoing changes in the fair value of a company's assets. If an item listed in other comprehensive income becomes a realized gain or loss, you then shift it out of other comprehensive income and into net income or net loss.

Financial Statements 40

Financial Statements Tax 40

IMA's Count Me

OCTOBER 9, 2022

There are a number of categories of questions you want to ask. So in the articles I've written about this, here's what I say, blame me. And we'll make sure we put a link to that article in the show notes so that everybody can take a look at that. It's not as simple as here's how to declare this asset on a balance sheet.

Accounting 40

Accounting Accounting Management Accounting 40

Accounting Tools

JUNE 20, 2023

Related Courses The Balance Sheet The Interpretation of Financial Statements The balance sheet is part of the financial statements issued by a business, informing the reader of the amounts of assets , liabilities , and equity held by the entity as of the balance sheet date. Related Articles Does an Expense Appear on the Balance Sheet?

Financial Statements 40

Financial Statements Accounting Accounting 40

Accounting Tools

SEPTEMBER 11, 2023

These analyses are frequently between the revenues and expenses listed on the income statement and the assets , liabilities , and equity accounts listed on the balance sheet. There are several general categories of ratios, each designed to examine a different aspect of a company's performance. Fixed asset turnover ratio.

Financial Statements 40

Financial Statements Financial Analysis Accounts Receivable Accounts Receivable 40

Accounting Tools

DECEMBER 20, 2023

A vertical balance sheet is one in which the balance sheet presentation format is a single column of numbers, beginning with asset line items, followed by liability line items, and ending with shareholders' equity line items. Within each of these categories, line items are presented in decreasing order of liquidity.

Financial Statements 40

Financial Statements Accounts Payable Accounts Payable Accounting 40

Jetpack Workflow

MARCH 21, 2023

In this article, we will help you identify whether spreadsheets are an ideal choice for you. This sheet shows the company’s financial position or net worth based on what it owns (assets) vs. what it owes (liabilities and owner’s equity) during any given period.

Bookkeeping 52

Bookkeeping Bank Reconciliation Reconciling Accounting Software 52