Accounting Tools

MAY 13, 2024

Auditors routinely review the contents of real accounts as part of their audit procedures. Related Articles Nominal Account The Difference Between Nominal Accounts and Real Accounts Since retained earnings is a real account, this means that the balances in all nominal accounts are eventually shifted into a real account.

Accounting 40

Accounting Accounting Bookkeeping Accounts Payable 40

Accounting Tools

NOVEMBER 5, 2023

Related Courses How to Audit Receivables How to Conduct an Audit Engagement The Balance Sheet What is an Accounts Receivable Confirmation? When an auditor is examining the accounting records of a client company, a primary technique for verifying the existence of accounts receivable is to confirm them with the company's customers.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

Accounting Tools

JUNE 12, 2023

A high level of effectiveness allows the auditors to scale back some of their later audit procedures. there is a high risk of material misstatement ), then the auditors must use other procedures to examine the financial statements. Accounts receivable. If the controls are ineffective (i.e., Marketable securities.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

Counto

FEBRUARY 4, 2024

In this article, we’ll delve into common challenges faced by businesses in their accounts payable process and explore practical solutions, focusing on the benefits of automation in streamlining this critical function. Any mishaps in this process can have far-reaching consequences for your business. Want to schedule a demo?

Accounts Payable 52

Accounts Payable Accounts Payable AP Purchase Order 52

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. Receivables. Are any receivables pledged, discounted, or factored?

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

oAppsNet

MAY 14, 2024

Streamlining accounts receivable collections is a strategic imperative for businesses to enhance their cash flow and operational efficiency. Understanding the Importance of Streamlined Collections Streamlined accounts receivable collections are vital for maintaining a healthy cash flow, which is the lifeblood of any business.

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Collections 52

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

NOVEMBER 8, 2023

Related Courses Guide to Analytical Procedures How to Conduct an Audit Engagement What is a Reasonableness Test? A reasonableness test is an auditing procedure that examines the validity of accounting information. Related Articles Compliance Test Dual-Purpose Test Substantive Testing Tests of Details Walk-Through Test

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

APRIL 14, 2024

What is the Schedule of Accounts Receivable? The schedule of accounts receivable is a report that lists all amounts owed by customers. How to Use a Schedule of Accounts Receivable There are several uses for the receivables schedule, which are noted below. Related Article Accounts Receivable Aging

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Accounting 52

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.

General Ledger 40

General Ledger Auditing Computation Accounting Software 40

Accounting Tools

NOVEMBER 7, 2023

Collect Receivables Faster You can add staff and use a variety of procedures to accelerate the payment of accounts receivable by customers. Enter Into a Factoring Arrangement Factoring is funding based on accounts receivable. This is essentially an interest-free loan , but can only be used with care.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Corporate Finance 75

Accounting Tools

JUNE 14, 2023

Related Courses Accounting for Inventory How to Audit Inventory How to Conduct an Audit Engagement What are Inventory Audit Procedures? Noted below are some of the inventory audit procedures that they may follow. Observe the Physical Inventory Count The auditors want to be comfortable with the procedures you use to count the inventory.

Auditing 75

Auditing General Ledger Reconciling Invoicing 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

OCTOBER 13, 2023

Related Courses How to Conduct an Audit Engagement A scope limitation is a restriction on an audit that is caused by the client, issues beyond the control of the client, or other events that do not allow the auditor to complete all aspects of his or her audit procedures.

Auditing 40

Auditing Financial Statements Accounts Receivable Accounts Receivable 40

Accounting Tools

FEBRUARY 8, 2024

When someone wants to withdraw cash from the petty cash fund, that person fills out the cash voucher to indicate the reason for the withdrawal, and receives cash from the petty cash custodian in exchange. A cash voucher is a standard form used to document a petty cash payment.

Petty cash 75

Petty cash Reconciling Financial Statements Bookkeeping 75

Accounting Tools

MARCH 8, 2024

The key elements of the system are as follows: The policies and procedures governing how information is collected. These modules include accounts payable , accounts receivable , inventory , payroll , general ledger , and reporting. The system generates reports that are used to make decisions regarding how an organization is to be run.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

JUNE 10, 2023

An example of a restrictive endorsement is the "For Deposit Only" stamp used by most companies on the back of a received check. The decision process when you receive such a check is: Discuss the matter with legal counsel to see how it is impacted by applicable laws. Related Articles Joint Endorsement Do not deposit it.

Deposits 75

Deposits Bookkeeping Auditing Bank Reconciliation 75

Accounting Tools

MAY 2, 2024

This information is aggregated for reporting to management, and is also used for subsequent analysis to improve the payment processing procedure. Example of Purchase Discounts Lost A company receives a $1,000 supplier invoice that offers it a $20 discount if it pays within 10 days; otherwise, it must pay the full amount in 30 days.

General Ledger 40

General Ledger Accounts Payable Accounts Payable Financial Statements 40

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. The type of evidence received impacts its perceived quality. Pertinence of the evidence. Pertinence of the evidence.

Auditing 40

Auditing Collections Financial Statements Financial Records 40

Accounting Tools

JUNE 20, 2023

When the payables department receives an invoice from a supplier, it matches the following information: The information on the supplier invoice to a copy of the related purchase order that has been forwarded to it by the purchasing department. Related Courses Optimal Accounting for Payables Payables Management What is Three-Way Matching?

Purchase Order 75

Purchase Order Accounts Payable Accounts Payable Invoicing 75

Accounting Tools

JULY 9, 2023

Verification is the use of various procedures to ensure the accuracy or truth of information. Similarly, an auditor can send a confirmation letter to a client's customer to verify that a receivable balance is correct. Related Articles Analytical Procedures Analytical Review Audit Approach Audit Plan Audit Program Audit Strategy

General Ledger 40

General Ledger Auditing 40

Counto

FEBRUARY 3, 2024

Understanding Accounts Receivable Aging Reports As a business owner, managing your finances efficiently is essential for maintaining a healthy cash flow and ensuring that your operations run smoothly. One crucial tool in achieving this is the Accounts Receivable Aging Report. What Is an Accounts Receivable Aging Report?

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Accounting 52

Counto

FEBRUARY 12, 2024

Singapore Company Liquidation Requirements Before initiating the striking off procedure, companies must ensure they meet specific criteria set by ACRA: Ceased or non-commencement of business operations since incorporation. Absence of outstanding tax liabilities with IRAS. Absence of current assets and liabilities.

Tax 52

Tax Accounting Accounting 52

Accounting Tools

MAY 10, 2024

The credit department will review the credit applications of all new customers to determine their worthiness to receive credit, and the amount of that credit. For example: A customer account is considered to be delinquent when an account receivable is more than 90 days past due.

Collections 40

Collections Accounts Receivable Accounts Receivable Account Receivables 40

Counto

MAY 1, 2024

EntrePass Application Procedure Step 1: Submitting Your Application Applicants need to prepare and submit a detailed application that includes a comprehensive business plan. Step 2: In-Principle Approval Once the application is processed, applicants receive an In-Principle Approval (IPA) letter.

Financial Statements 52

Financial Statements Collections Auditing Accounting 52

Accounting Tools

JANUARY 19, 2024

If the risks and rewards of ownership have not passed to the buyer, then the selling entity must still recognize the entire financial asset and treat any consideration received as a liability. Related Articles Fixed Asset Disposal Accounting How to Record the Disposal of Assets How to Write Off a Fixed Asset When to Derecognize an Asset

Accounting 40

Accounting Accounting 40

Accounting Tools

JULY 15, 2023

Purchasing Activities Common purchasing activities are as follows: Receive and verify purchase requisitions from around the company. Purchasing Best Practices There is a tendency for the purchasing function to be bogged down in paperwork, which is related to the excessive use of bidding procedures and the issuance of purchase orders.

Purchase Order 74

Purchase Order Accounts Payable Accounts Payable Auditing 74

Accounting Tools

JULY 29, 2023

A detailed year-end bank statement reconciliation is commonly requested by an audit firm as part of its annual audit procedures. If you have recorded a deposit that the bank had not yet received during the month, list this deposit as a reconciling item that should be added to the bank's ending cash balance for your account.

Reconciling 75

Reconciling Bank Reconciliation Deposits Auditing 75

Accounting Tools

DECEMBER 22, 2023

Related AccountingTools Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition Accounting for a Customer Advance For these reasons or others, a seller may receive an advance payment before it has done anything to earn the payment. This is most common when there a constrained amount of capacity in the industry.

Accounting 75

Accounting Accounting Reconciling Bookkeeping 75

Accounting Tools

JUNE 20, 2023

Related Courses Accounting Controls Guidebook Accounting Procedures Guidebook What is an Internal Control Checklist? An internal control checklist is intended to give an organization a tool for evaluating the state of its system of internal controls.

Purchase Order 75

Purchase Order Payroll Invoicing Financial Statements 75

Counto

FEBRUARY 5, 2024

In this case, the time of supply is considered to be on 15th December 2023 when you receive full payment from the customer’s bank. It’s essential to be aware of this change and ensure proper compliance with customs procedures and payments. Therefore, you should charge 8% GST on the supply.

Invoicing 98

Invoicing Tax Payroll Collections 98

Accounting Tools

AUGUST 3, 2023

Instead, such an organization needs a set of cost-effective tools and procedures for collecting from overdue customers. Other customers have poor payment procedures, and so just need reminders to issue payments in a more timely manner. Cost Assignment Match the cost of the collection efforts to the size of the receivable.

Collections 40

Collections Invoicing Accounts Payable Accounts Payable 40

Accounting Tools

OCTOBER 25, 2023

This procedure can be used to ensure that payroll is handled consistently on a repetitive basis. The most likely version of the procedure, including responsibilities and basic controls, is noted below. The most likely version of the procedure, including responsibilities and basic controls, is noted below.

Payroll 71

Payroll Data Entry Deposits Tax 71

Accounting Tools

NOVEMBER 26, 2023

A monthly procedure to review advances will eliminate this issue. Another way to spot a ghost employee is when there are no deductions from a paycheck, since the perpetrator wants to receive the maximum amount of cash. Related Articles Common Fraud Risk Factors White Collar Crime

Payroll 74

Payroll Deposits Auditing Accounting 74

Accounting Tools

OCTOBER 22, 2023

The procedural steps required to do so are noted below. Set Cutoff Time Establish a cutoff time, after which no further inventory in the receiving area is allowed in the warehouse, and no items are shipped out. It is helpful if there is no production, receiving, or shipping activity on the day of the count.

Computation 75

Computation Reconciling Auditing Cost Accounting 75

Counto

FEBRUARY 3, 2024

Simple Steps to Prevent Payment Delays and Ensure a Healthy Cash Flow As a business owner, you know how crucial it is to receive payments on time. Transparency is key, so communicate payment schedules, late payment fees, interest rates, and debt collection procedures clearly to your clients.

AR 52

AR Invoicing Collections Financial Operations 52

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