Accounting Tools

JUNE 14, 2023

A review does not require the accountant to obtain an understanding of internal control , or to assess fraud risk , or other types of audit procedures. These procedures are more heavily concentrated in areas where there are enhanced risks of misstatement. Fixed assets. Intangible assets.

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

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

JULY 9, 2023

Verification is the use of various procedures to ensure the accuracy or truth of information. Or, an auditor may compare the fixed asset register to the actual fixed assets , to ensure that all recorded assets are actually on the premises.

General Ledger 40

General Ledger Auditing 40

Accounting Tools

MARCH 8, 2024

The key elements of the system are as follows: The policies and procedures governing how information is collected. Related Articles Accounting System Design Budgeting and Planning Software Financial Information Systems Treasury Workstations Types of Accounting Software

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

AUGUST 23, 2023

Principal Accountabilities Create and monitor a system of controls, procedures, and forms for the recordation of fixed assets. Recommend to management any updates to accounting policies related to fixed assets. Assign tag numbers to fixed assets. Calculate depreciation for all fixed assets.

General Ledger 40

General Ledger Accounting Accounting Reconciling 40

Accounting Tools

MARCH 11, 2024

An accounting system is a set of accounting processes with integrated procedures and controls. In most cases, accounting systems are largely based on off-the-shelf accounting software, supplemented by any procedures needed to input information into the software. What is an Accounting System?

Accounting 40

Accounting Accounting Accounting Software Billing 40

Accounting Tools

JUNE 12, 2023

Internal Controls Testing This step involves the assessment of the effectiveness of an entity's suite of controls, concentrating on such areas as proper authorization, the safeguarding of assets, and the segregation of duties. A high level of effectiveness allows the auditors to scale back some of their later audit procedures.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

Accounting Tools

SEPTEMBER 22, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets Asset impairment refers to a sudden decline in usability of a fixed asset. The impairment could be triggered by such issues as asset damage, obsolescence , or legal restrictions on asset use.

General Ledger 40

General Ledger Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 25, 2023

The results of these tests can then be used by a company's external auditors , who can choose to rely (or not) on the tested abilities of the accounting controls when developing their own procedures for how the company's financial statements will be audited.

Auditing 75

Auditing Invoicing Financial Statements Accounting 75

Accounting Tools

APRIL 14, 2024

Budgetary control is a system of procedures used to ensure that an organization's actual revenues and expenditures adhere closely to its financial plan. Also, tight control over capital budgeting ensures that major cash outlays are only made on those fixed assets included in the underlying plan. What is Budgetary Control?

Budgeting 40

Budgeting Financial Statements Accounting Accounting 40

Jetpack Workflow

FEBRUARY 16, 2023

Does your accounting firm have a policies and procedures manual for your business or your clients? However, not having a defined set of policies and procedures can cause significant problems for your clients and make your work more difficult, especially as your company grows or during client audits.

General Ledger 52

General Ledger Accounting Accounting Budgeting 52

Accounting Tools

DECEMBER 13, 2023

Accounting practice is the system of procedures and controls that an accounting department uses to create and record business transactions. As a final example, an accounting department should always use the same depreciation method for the same class of fixed assets , to ensure consistency in the derivation of depreciation expense.

Accounting 75

Accounting Accounting Financial Statements QuickBooks 75

Accounting Tools

NOVEMBER 2, 2023

This might involve a search for conflicts of interest, bribery , asset misappropriation, or financial statement fraud. Or, one might be involved in a bankruptcy filing or a divorce case, to track down assets and liabilities. Related Articles Forensic Accounting Investigations (podcast) Fraud Audit Types of Audits

Auditing 40

Auditing Financial Statements Financial Records Payroll 40

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

Accounting Tools

OCTOBER 11, 2023

Financial ratios can be used to compare companies within an industry, since they generally have approximately the same operating models and use roughly the same proportions of assets in relation to their sales volume. The formula is current assets, divided by current liabilities. Return on assets. Current ratio. Quick ratio.

Financial Statements 75

Financial Statements Accruals Billing Collections 75

Accounting Tools

JUNE 19, 2023

For this reason, most procedures for closing the books do not include a step for printing and reviewing the post-closing trial balance. Accounting software requires that all journal entries balance before it allows them to be posted to the general ledger , so it is essentially impossible to have an unbalanced trial balance.

General Ledger 75

General Ledger Computation Accounts Payable Accounts Payable 75

Accounting Tools

DECEMBER 12, 2023

Analytical Procedures Analytical procedures involve comparisons of different sets of financial and operational information, to see if historical relationships are continuing forward into the period under review. Related Articles Agreed-Upon Procedures Audit Documentation Audit Trail Due Professional Care Permanent File

Auditing 40

Auditing Collections Financial Statements Financial Records 40

Accounting Tools

FEBRUARY 11, 2024

Capital The capital of a customer is its net worth , which is the residual amount of assets left after all liabilities have been subtracted. An examination of capital is intended to give an idea of the asset reserves that a customer has available to pay down its liabilities.

Collections 40

Collections Billing 40

Accounting Tools

SEPTEMBER 4, 2023

Fixed assets are only purchased based on their associated discounted cash flows , which ignores their impact on throughput. A more throughput-focused analysis would likely result in fewer fixed asset investments. Related Articles The Constraint Buffer The Theory of Constraints Types of Constraints

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Accounting Tools

APRIL 8, 2024

If continuous budgeting principles are applied to capital budgeting , this means that funds may be granted for large fixed asset projects at any time, rather than during the more typical once-a-year capital budgeting process that is prevalent under more traditional budgeting systems.

Budgeting 40

Budgeting 40

Accounting Tools

MAY 16, 2024

The last part is critical - if there are errors, be sure to examine the associated transactions to see where the error occurred, and fix the issue. However, these reports are useless unless there are ongoing procedures to investigate them, spot the underlying problems, and correct them - which requires constant vigilance.

Record Keeping 75

Record Keeping Data Entry Reconciling Collections 75

Accounting Tools

JULY 23, 2023

Related Courses Credit and Collection Guidebook Effective Collections Essentials of Collection Law What is the Procedure for Collections? If so, the collection manager needs a procedure for dealing with customers in a standardized manner to resolve payment issues. The detailed collection procedure is listed below.

Collections 40

Collections Invoicing Accounting Software Accounts Receivable 40

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. If so, consider bringing in a safety expert to review the company’s facilities, and to estimate the cost of adding any needed safety equipment, personnel, procedures, or training.

Financial Statements 73

Financial Statements Auditing Tax Accounts Payable 73

Accounting Tools

OCTOBER 11, 2023

This can represent a massive reduction in cash requirements, because it also allows the firm to eliminate all of its capital investment in fixed assets in the production area, along with any associated real estate. Alter the collection procedures to enforce more rapid customer contacts regarding overdue accounts.

Collections 40

Collections Bookkeeping Billing Invoicing 40

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. These errors might include duplicate entries in a subsidiary journal or misclassifying an asset as an expense.

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Accounting Tools

APRIL 8, 2024

What is an Impaired Asset? An impaired asset is one that has a book value less than its market value. Fixed assets and goodwill are the assets most commonly experiencing impairment write downs. This loss should be recognized at once, rather than being spread over an extended period of time.

Accounting 40

Accounting Accounting 40

Nanonets

MAY 6, 2024

It offers a certification workflow involving preparers, approvers, and optional reviewers, ensuring balance sheet integrity and adherence to procedures. Policy & Procedure Documentation : BlackLine facilitates the documentation of organizational policies and procedures within each account reconciliation.

Account Reconciliation 52

Account Reconciliation Accounting Accounting Auditing 52

Accounting Tools

MAY 19, 2023

Types of Permanent Accounts Permanent accounts are those that appear on the balance sheet , such as asset , liability , and equity accounts. Examples of permanent accounts are cash, marketable securities, accounts receivable, fixed assets, accounts payable, and common stock.

Accounting 40

Accounting Accounting Accounts Payable Accounts Payable 40

Nanonets

MAY 22, 2023

The answer bot learns from your website pages, Zendesk articles, and past zendesk ticket communications. Knowledge Accumulation : While the bot is scanning your website, it's also learning from your Zendesk help articles and past tickets. It listens for new Zendesk tickets. Workflow is Live!

Customer Service 52

Customer Service Collections Record Keeping Computation 52

Cloud Accounting Podcast

AUGUST 3, 2020

David Leary: [00:03:56] I had to break all- I had to break like 75 plastic rivets to get it out fully, and then put the new one in, and then basically use a little Super Glue to fix all the rivets. David Leary: [00:10:18] There was an article about more fraud in the in the disaster loan program, not PPP program. continue your article.

QuickBooks 40

QuickBooks XERO Bookkeeping Payroll 40

Cloud Accounting Podcast

SEPTEMBER 1, 2020

I think it just came out yesterday, late Friday, as per the administration's operating procedure these days. It's completely divorced from reality, that kind of thinking, because- David Leary: [00:06:33] This is gonna tie into some articles I brought in for later, actually. We finally do have guidance. There's no interest rates.

Payroll 40

Payroll Tax QuickBooks CPA 40