Accounting Tools

OCTOBER 27, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What are Undeposited Checks? Undeposited checks are checks that have been received from customers , but not yet deposited. The checks are post dated , so the entity cannot yet deposit them.

Deposits 40

Deposits Bookkeeping Auditing Bank Reconciliation 40

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

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 15, 2024

Not sufficient funds (NSF) is a condition where a bank does not honor a check , because the checking account on which it was drawn does not contain sufficient funds. Upon presentation of the check, Mr. Jones' bank refuses to honor it on the grounds that there are only $300 in his checking account.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Collections 40

Accounting Tools

JUNE 19, 2023

Using individual cash and receipts in the cash register, summarize on the form the amount of receipts by cash, check, coupon, and credit cards. Using the cash register tape, summarize on the form the amount of gross sales , voided sales, and sales returns to arrive at a net sales figure. Checks collected 84.50

Bank Reconciliation 75

Bank Reconciliation Cash Collection Reconciling Collections 75

Accounting Tools

JANUARY 21, 2024

A deposit receipt is a receipt issued by a bank to a depositor for cash and checks deposited with the bank. When a deposit receipt is returned from the bank, it should be compared to the total amount of cash recorded in the cash receipts journal for that day. A deposit receipt is not used when a bank receives checks through a lockbox.

Deposits 40

Deposits Accounting Accounting 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

Stephanie Peterson

JULY 20, 2022

Whether you have a sole proprietorship, partnership, LLC, or corporation and are in need of shutting down, you must file certain forms with the IRS, including filing tax returns for that final year. The types of tax returns and forms will vary based on your business type.

QuickBooks 52

QuickBooks Tax Deposits Payroll 52

Counto

FEBRUARY 7, 2024

From incorporating your entity to managing taxes and annual returns, this comprehensive guide sheds light on the essential steps to ensure compliance and success in your inaugural year. Regular compliance checks and system reviews help maintain regulatory adherence and operational efficiency.

Corporation Tax 52

Corporation Tax Payroll Financial Statements Accounts Payable 52

Accounting Tools

MARCH 29, 2024

This situation can arise when a customer overpays (though such payments should be returned to the customer or forwarded to the applicable state government under escheatment laws), or when an accounting error leaves a residual balance in an account. Related Article Credit Memo

Billing 40

Billing Deposits Invoicing Accounts Receivable 40

Accounting Tools

APRIL 9, 2024

The employer typically reimburses employees for these costs through an expense reporting and check payment system. If employees are not reimbursed for these costs, they may be able to list them as deductible expenses on their individual tax returns, which reduces their income tax liability.

Expense Reports 40

Expense Reports Invoicing Tax Accounting 40

Accounting Tools

MARCH 2, 2024

The term is most commonly applied to the balance in a firm's checking account at the end of an accounting period. There are several reasons for this difference, which are as follows: Outstanding checks. The company has issued checks that have not yet been presented to the bank for payment. Check printing charges.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Accounting Tools

JULY 14, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is an Unpresented Check? An unpresented check is a check that a payer has created, but which the bank on which the check is drawn has not yet made a corresponding payment to the check recipient ( payee ).

Bank Reconciliation 40

Bank Reconciliation Bookkeeping Auditing Accounting 40

Accounting Tools

JULY 29, 2023

Supervises None Related Articles Automatic Cash Application Cash Receipt Controls (podcast) Cash Receipts Procedure Lockbox System Must be detail oriented, with excellent customer interaction skills. Must be able to stand for extended periods.

Bookkeeping 40

Bookkeeping Accounting Accounting 40

Counto

MAY 3, 2024

Annual Filings: Businesses are required to submit their Annual Return (AR) to the Accounting and Corporate Regulatory Authority (ACRA) and their tax returns to the Inland Revenue Authority of Singapore (IRAS) within seven months following the FYE. Check out Counto’s accounting plans that take care of your business finances effectively.

Financial Reporting 52

Financial Reporting AR Accruals Tax 52

Accounting Tools

NOVEMBER 26, 2023

Paycheck Diversion Fraud Employees could take the paycheck of another employee who is absent, and then cash the check for themselves. This can be avoided by having the paymaster retain all unclaimed checks in a locked safe, and by requiring that everyone receiving a paycheck prove his identify with a driver's license or some similar document.

Payroll 74

Payroll Deposits Auditing Accounting 74

Counto

JUNE 13, 2023

5 Potential Reasons Your Tax Return May Be Flagged By IRAS Filing your business tax return requires careful attention to the tax laws and regulations established by IRAS. Inaccurate Income Reporting One of the primary reasons for a business tax return to be flagged by IRAS is inaccurate income reporting.

Tax 52

Tax Financial Statements Reconciling Corporation Tax 52

Accounting Tools

SEPTEMBER 19, 2023

Related Articles How to Record a Returned Deposit on a Bank Reconciliation Undeposited Checks The $1,000 is considered by the company to be an outstanding deposit until it is recorded by the bank on April 3. Terms Similar to Outstanding Deposit An outstanding deposit is also known as a deposit in transit.

Deposits 40

Deposits Bank Reconciliation Reconciling Bookkeeping 40

Accounting Tools

JUNE 7, 2023

A retail establishment may also engage in overbooking if it promotes a product at a discounted price, and does not keep a sufficient number of units in stock to satisfy demand, leading to the use of rain checks. Related Articles Booking Limit Nested Booking Limit Price Ceiling Pricing Strategies Rate Fences Revenue Management

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Accounting Tools

SEPTEMBER 2, 2023

Examples of objective evidence are purchase receipts, cancelled checks , bank statements , promissory notes , and appraisal reports. Related Articles Basic Accounting Principles Objectives of Financial Reporting The Characteristics of Useful Accounting Information

Bookkeeping 40

Bookkeeping Financial Reporting Auditing Accounting 40

Accounting Tools

JULY 23, 2023

Cash on delivery is payment terms that require the recipient of a delivery to make full payment with cash or a certified check at the time when goods are delivered to the recipient. If the recipient cannot pay, then the shipping company returns the goods to the seller. Related Articles Trade Credit

Collections 40

Collections 40

Accounting Tools

MAY 24, 2023

By using a soft close, the accounting department can issue financial statements very quickly and then return to its normal day-to-day activities. Related Articles Accounts That are Closed at Year End Automate the Cutoff Closing Entries | Closing Procedure Fast Close Metrics The Public Company Close The Virtual Close

Accruals 75

Accruals Financial Statements Account Reconciliation Auditing 75

Counto

FEBRUARY 13, 2024

Compliance Check : Ensure your company meets the stringent criteria outlined by IRAS and ACRA to qualify as dormant. When the company resumes activities, it must begin submitting financial statements and adhere to filing Annual Returns and Corporate Tax Returns as an active entity.

Financial Statements 52

Financial Statements Corporation Tax Tax Financial Records 52

Accounting Tools

OCTOBER 11, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is a Voided Check? A voided check is a check that has been cancelled. Once it has been appropriately voided, a check cannot be used. There are several possible reasons for a voided check.

Deposits 40

Deposits Payroll Bookkeeping Auditing 40

Cloud Accounting Podcast

FEBRUARY 2, 2024

Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: [link] Subscribe Apple Podcasts: [link] YouTube: [link] Spotify: [link] Podchaser: [link] Stitcher: [link] Overcast: [link] Classifieds REFRAME WORKSHOP - [link] Royalwise - [link] Forwardly - [link] The Cache CAS -

Tax 49

Tax CPA Accounting Accounting 49

Accounting Tools

SEPTEMBER 4, 2023

Checking Accounts A checking account is the most basic and useful type of bank account. There is not usually a restriction on the amount of cash held in a checking account, nor on how long it must be held. Special types of checking accounts include: Interest-bearing account.

Deposits 40

Deposits Accounting Accounting Tax 40

Intuit

NOVEMBER 20, 2023

That’s what we will discuss in this article. Check your state’s required coursework to see which classes you need to take to qualify for the exam. However, check with the board of accounting in your state to get definite requirements before starting your journey. Let’s get started! What is a CPA?

CPA 130

CPA Bookkeeping QuickBooks Tax 130

Accounting Tools

JANUARY 30, 2024

Returned Check Fees Clause If the applicant pays the company with a check for which there are not sufficient funds, the company is entitled to charge applicant the amount of the associated bank charges. Related Articles Credit Analysis Credit Granting Procedure Credit Policy Credit Policy Sample The On-Line Credit Application

Collections 40

Collections Invoicing Accounting Accounting 40

Nanonets

JANUARY 29, 2024

  In this article, we guide you through the credit card reconciliation process in QuickBooks, addressing common issues and providing useful tips to streamline the procedure. This can be quite time-consuming, so we have included some tips to simplify this at the end of the article.

QuickBooks 52

QuickBooks General Ledger Reconciling Deposits 52

Cloud Accounting Podcast

JULY 20, 2023

35:06) - WSJ article on the accounting shortage (39:32) - Blake checks in on the live chat (49:15) - Accountests ChatGPT challenge (53:29) - Claude.AI as a ChatGPT alternative (56:49) - Wrap up and please check out our TurboTax Live Business Tax Return experience video on our YouTube channel Need CPE? Should They?

Tax 40

Tax Collections Financial Statements Accounting 40

Counto

JANUARY 10, 2024

This process involves checking the company’s constitution for any transfer-related processes, preparing necessary documents like the Instrument of Transfer, and lodging the transfer notice with the Accounting and Regulatory Authority (ACRA). Once approved, new share certificates are issued to the shareholders.

Deposits 52

Deposits Accounting Accounting 52

Nanonets

JANUARY 8, 2024

this article, we will explore the process of bank reconciliation, provide an example of a bank reconciliation statement, offer tips, answer frequently asked questions (FAQs), and demonstrate how to use automation to streamline the reconciliation process. This severely impacts a company’s profitability.

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Nanonets

JANUARY 8, 2024

this article, we will explore the process of bank reconciliation, provide an example of a bank reconciliation statement, offer tips, answer frequently asked questions (FAQs), and demonstrate how to use automation to streamline the reconciliation process. This severely impacts a company’s profitability.

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Accounting 52

Counto

JANUARY 8, 2024

Disadvantages of Converting Increased Regulation: Converting to a Pte Ltd brings more regulatory requirements, such as meetings, annual returns, and formal documentation, leading to higher administrative costs. Let the pro team at Counto help covert your sole proprietorship to a private limited company in Singapore quickly.

Corporation Tax 52

Corporation Tax Tax Accounting Accounting 52

CapActix

JULY 3, 2023

If you are running a small business in the USA and still thinking about whether it is a smart decision to outsource your accounting and bookkeeping work or not, then this article is for you. The company will be responsible to manage work-life balance and a healthy work environment, so you can receive max returns on your investment.   e.

Bookkeeping 52

Bookkeeping Outsourced Bookkeeping Bookkeeping Services Accounting 52

Accounting Tools

JULY 13, 2023

Employees can apply to the government to have their duplicate tax remittances returned. The rule allows the designated entity to issue either a single consolidated paycheck to each employee, or to issue several paychecks, with each check drawn on an account controlled by the subsidiaries at which the employees actually work.

Payroll 75

Payroll Accruals Tax Accounting 75

The Institute of Financial Operations

JULY 12, 2021

There is no cost until you receive an economic benefit for each recovery, in the form of a deduction from payment, or receipt of a check from the respective supplier. Article by: Get in Touch Contact Us (407) 351-3322 info@financialops.org Who We Are About Terms of Service Privacy Policy Follow Us Facebook LinkedIn

Accounts Payable 130

Accounts Payable Accounts Payable Auditing Accounting 130