Accounting Tools

FEBRUARY 5, 2024

Approve Supplier Invoices The person in a position to authorize payment signifies his or her approval of a supplier invoice. Complete a Three-Way Match The payables staff matches the supplier invoice to the related purchase order and proof of receipt before authorizing payment. They are noted below. The controls are noted below.

Accounts Payable 75

Accounts Payable Accounts Payable Purchase Order Accounting 75

Xero

MAY 23, 2023

In this article we’ll cover four tips for staying ahead of the curve this summer so you can make the most of the season. Tip 1: Streamline your invoicing process The best way to gain control over your payments influx is to make sure you have a proper system in place to manage them.

XERO 173

XERO Invoicing Invoice Processing Billing 173

Xero

JANUARY 30, 2024

Check out our glossary of expense terms for more detail. Xero’s automated rent collection feature makes rental payments easy, cutting time wasted checking or chasing income. Get recommendations from fellow investors, and check their credentials and if they’re registered as a Certified Public Accountant.

XERO 234

XERO Accounting Accounting Bank Reconciliation 234

Accounting Tools

MARCH 28, 2024

What is an Outstanding Check? 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 check may also be delayed if the issuing entity puts off mailing the check for any reason.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Accounts Payable 40

Accounting Tools

JUNE 10, 2023

A restrictive endorsement limits the use of a financial instrument (usually a check ). An example of a restrictive endorsement is the "For Deposit Only" stamp used by most companies on the back of a received check. This stamp effectively limits further action on the check by the stated payee to only being able to deposit it.

Deposits 75

Deposits Bookkeeping Auditing Bank Reconciliation 75

Accounting Tools

APRIL 14, 2024

A remittance advice is a statement that accompanies a payment to a supplier, detailing what was paid. A remittance advice is frequently printed as an attachment to a check payment. The payables software generates the remittance advice automatically, as part of the check printing process. Related Article Check Stub

Invoicing 40

Invoicing Accounting Accounting 40

AP Association

AUGUST 25, 2022

If you miss an invoice, reach out to the vendor as soon as possible to let them know and make arrangements for payment. Double payments Double payments occur when a company accidentally pays the same invoice twice. To avoid duplicate invoice payments, keep accurate records of what has been paid and what is still owed.

Accounts Payable 130

Accounts Payable Accounts Payable Data Entry Invoicing 130

Accounting Tools

MARCH 19, 2024

It is increasingly common for a business to pay a supplier with an electronic payment, rather than with a check or in cash. By doing so, a firm can issue payments at lower cost , more efficiently , and with fewer errors than with check payments. The following procedure is intended for these electronic payments.

Accounts Payable 40

Accounts Payable Accounts Payable Auditing Accounting 40

oAppsNet

MAY 14, 2024

This article explores practical strategies and techniques for streamlining accounts receivable collections, addressing challenges, and leveraging technology to optimize this critical aspect of business finance. Transparent communication of payment expectations helps prevent misunderstandings that lead to delayed payments.

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Collections 52

Accounting Tools

APRIL 24, 2024

Remote disbursement involves the use of check payments that are drawn on remote bank locations, thereby lengthening the duration of the disbursement float. In addition, many suppliers demand to be paid via electronic payments, which eliminates the benefit that a payer gains from using remote disbursements.

Billing 40

Billing Accounting Accounting 40

oAppsNet

APRIL 5, 2024

This article will delve into nine key trends shaping the accounts payable landscape in 2024, exploring their implications for businesses and professionals. AI-powered software solutions can automate routine tasks such as invoice processing, payment approvals, and reconciliation, reducing manual errors and processing times.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Accounting Tools

FEBRUARY 3, 2024

Yet another type of cash disbursement is a dividend payment, which is recorded as a reduction in corporate equity. A cash disbursement can be made with bills or coins, a check , or an electronic funds transfer. Payments made through the payroll system are intended solely for compensation disbursements to employees.

Petty cash 40

Petty cash Accounts Payable Accounts Payable Payroll 40

Counto

APRIL 3, 2024

Enhancing Cash Flow: Effective Digital Payment Options for Businesses in Singapore It’s undeniable that the shift towards digital payments is accelerating, driven by Singapore’s Smart Nation initiative and the pursuit of greater efficiency. Let’s look at the various digital payment methods that help you do that.

Collections 52

Collections Payroll Invoicing Tax 52

Accounting Tools

NOVEMBER 26, 2023

What is a Check Payment? A check payment is a negotiable instrument drawn against deposited funds, to pay the recipient a specific amount of funds on demand. Related AccountingTools Courses Optimal Accounting for Payables Payables Management Related Articles Book Transfer Direct Credit Electronic Check Global ACH

Deposits 40

Deposits Accounting Accounting 40

Accounting Tools

OCTOBER 23, 2023

Accounts Payable The bookkeeper records supplier invoices in the accounting system , obtains approvals for them, and pays suppliers in accordance with the payment terms stated on each invoice. The bookkeeper also makes collection calls to customers whose invoices are overdue for payment.

Bookkeeping 75

Bookkeeping Financial Statements Payroll Deposits 75

Accounting Tools

FEBRUARY 5, 2024

What is the Universal Payment Identification Code? Alternatively, the company switches accounts so frequently that it would have to continually issue notification changes to any customers making ACH payments into the account. Both issues are eliminated when the universal payment identification code (UPIC) is used.

Accounting 40

Accounting Accounting 40

Accounting Tools

MARCH 26, 2024

The payment is initiated by the payer , which sends funds directly into the bank account of the payee. Direct credits are commonly used to make periodic compensation payments to employees. Advantages of Direct Credit The main advantage of using direct credit payments is that funds can be shifted to the payee very quickly.

Deposits 40

Deposits Accounting Accounting 40

Accounting Tools

APRIL 12, 2024

What is a Duplicate Payment? A duplicate payment is an additional payment made to a supplier that has already been paid. When these additional payments are for smaller amounts, they may be difficult to detect, resulting in a permanent increase in your expenses and a related cash outflow. What Causes a Duplicate Payment?

Accounts Payable 40

Accounts Payable Accounts Payable Reconciling Invoicing 40

Accounting Tools

NOVEMBER 26, 2023

A positive pay system detects fraudulent checks at the point of presentment and prevents them from being paid. 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. This is an effective way to stop check fraud.

Accounts Payable 40

Accounts Payable Accounts Payable Accounting Accounting 40

Accounting Tools

APRIL 6, 2024

Collections Function The accounting department is responsible for keeping track of overdue invoice payments from customers, and uses a variety of methods to extract payment from them, including dunning letters , phone calls, and attorney letters.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

SEPTEMBER 26, 2023

Related Courses Corporate Cash Management Treasurer's Guidebook What is a Cashier’s Check? A cashier’s check is a check written by a financial entity on its own funds. This check is signed by an officer or other employee of the bank, and includes the name of the payee.

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Accounting Tools

JULY 20, 2023

Related Courses Corporate Cash Management Payables Management What is an Electronic Check? An electronic check is a payment made via an electronic payment system or the Internet, replacing a traditional paper-based check. Payments are made from the payer's bank account.

Deposits 40

Deposits Payroll Accounting Accounting 40

Accounting Tools

JULY 24, 2023

Related Courses Corporate Cash Management Payables Management What is a Registered Check? 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.

Accounting 40

Accounting Accounting 40

Counto

APRIL 7, 2024

But when it comes to rewarding yourself for your hard work, navigating the realm of salary payments can be complex. Pay Yourself a Salary: Establish a regular monthly pay check, akin to employee compensation. Enjoy the flexibility of self-employment with customised payment arrangements.

Corporation Tax 52

Corporation Tax Tax Payroll Bookkeeping 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

FEBRUARY 5, 2024

The "for deposit only" endorsement is added to the back of a check in order to restrict the payment of the check to the endorser. Writing this type of wording onto the back of a check ensures that funds cannot be diverted elsewhere. What is the For Deposit Only Endorsement?

Deposits 40

Deposits Accounting Accounting 40

Accounting Tools

APRIL 9, 2024

Out-of-pocket costs refers to expenses incurred by employees that require a cash payment. The employer typically reimburses employees for these costs through an expense reporting and check payment system. This includes deductibles and co-payments. What are Out-of-Pocket Costs in Accounting?

Expense Reports 40

Expense Reports Tax Invoicing Accounting 40

Accounting Tools

JULY 8, 2023

A voucher is an internal document describing and authorizing the payment of a liability to a supplier. It is most commonly used in a manual payment system, where it is part of the system of controls. It is stamped "paid" when a check or electronic payment is made to a supplier and is then archived, along with any supporting documents.

Accounts Payable 75

Accounts Payable Accounts Payable Purchase Order Accruals 75

Accounting Tools

MARCH 2, 2024

Cash sales are sales in which the payment obligation of the buyer is settled at once. Cash sales are considered to include bills, coins, checks , credit cards, and money orders as forms of payment. Related AccountingTools Course Bookkeeping Guidebook Related Articles Sales Journal Entry Sales Revenue Why are Sales a Credit?

Bookkeeping 40

Bookkeeping Billing 40

Accounting Tools

DECEMBER 30, 2023

What is a Check Stub? A check stub is attached to a check , and provides the detail regarding the amount paid. The contents of a check stub typically include the invoice number paid and the amount paid, which sums to a grand total paid. How is a Check Stub Used?

Accounts Payable 40

Accounts Payable Accounts Payable Invoicing Bookkeeping 40

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. First payment.

Payroll 40

Payroll Deposits Accounting Accounting 40

Accounting Tools

SEPTEMBER 6, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law How to Receive Check Payments by Fax It is possible to receive a check payment from a customer by fax. It is even recommended when you want to obtain a payment as quickly as possible.

Collections 40

Collections Deposits Invoicing 40

Accounting Tools

OCTOBER 2, 2023

Related Courses Bookkeeping Guidebook Optimal Accounting for Payables Payables Management When there are old outstanding checks on a bank reconciliation , they should be eliminated. The first step in doing so is to contact the payee , to see if the check was lost.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Accounting Tools

JANUARY 30, 2024

Payroll internal controls are installed within a business to ensure that the personal information of employees is protected, as well as to ensure that payments made to employees are calculated correctly. They may identify payments being made to employees who no longer work for the company. What are Payroll Internal Controls?

Payroll 40

Payroll Auditing Financial Statements Accounting 40

Accounting Tools

SEPTEMBER 27, 2023

Availability float is the time between when a check is deposited and when the funds are available to the recipient. The cause of the delay is the time required for the issuing bank to honor the check and transfer funds to the receiving bank. The duration of availability float can be reduced by using electronic payments.

Deposits 40

Deposits Accounting Accounting 40

Counto

MARCH 6, 2024

Factors Which Can Business Credit Scores Payment history: Ensure timely payments to creditors and suppliers. Late payments can significantly damage your credit score and tarnish your reputation with creditors. Ensure consistent and timely payments to these entities to bolster your company credit score.

Payroll 52

Payroll Tax Billing Invoicing 52

Nanonets

APRIL 18, 2023

Automated Clearing House (ACH) payments have become increasingly popular among growing businesses, for their faster processing times, lower fees, and reduced risk of fraud. However, managing ACH payments can be a challenging task for AP teams, especially when dealing with multiple vendors and payment preferences.

AP 52

AP Deposits Accounts Payable Accounts Payable 52