Accounting Tools

MARCH 19, 2024

Authorize Payment (Payables clerk) Print the schedule of payments to be made by electronic payment, and forward to the controller for payment approval. Set up scheduled payments in the accounting system for all approved payments. Adjust the scheduled payments as necessary to match the controller's version of the list.

Accounts Payable 40

Accounts Payable Accounts Payable Auditing Accounting 40

Accounting Tools

MAY 10, 2024

The amount of this discount scheduled to be amortized in the current period is $20,000. Related AccountingTools Courses Accounting for Bonds Corporate Finance The Income Statement Related Articles Accounting for Bonds Contractual Interest Rate Effective Interest Method

Corporate Finance 40

Corporate Finance Accounting Accounting 40

Accounting Tools

JANUARY 18, 2024

A job order is typically triggered by the receipt of a customer order and is then used internally to schedule the work resulting from the customer order. A job order typically describes the work to be done, who is responsible for completing it, the completion deadline, any resources needed to complete it, and an authorization signature.

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Accounting Tools

APRIL 6, 2024

Terms Similar to the Accounts Receivable Aging An accounts receivable aging is also known as a schedule of accounts receivable. A variation is that this schedule may contain a simple listing of receivables by customer, rather than breaking them down further by age.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

Accounting Tools

APRIL 18, 2024

The following documents may be included in the work papers: Analyses Confirmation results Memos Schedules Transcriptions Who Owns Work Papers? Related AccountingTools Courses Guide to Audit Working Papers How to Conduct an Audit Engagement Related Article Audit Working Papers

Financial Records 40

Financial Records Auditing Collections Accounting 40

Accounting Tools

JUNE 19, 2023

The amortization concept is also used in lending, where an amortization schedule itemizes the beginning balance of a loan , less the interest and principal due for payment in each period, and the ending loan balance. This schedule is quite useful for properly recording the interest and principal components of a loan payment.

Auditing 75

Auditing Accounting Accounting 75

Xero

NOVEMBER 30, 2022

We’ve released a new 2022 Schedule C report template for advisors in the US. You can now access Xero Central support articles without leaving Xero, by selecting the question mark icon in the navigation bar at the top of the screen. The old template will still be available if you need to catch up on your 2021 filing.

XERO 202

XERO Payroll Bank Reconciliation Tax 202

Counto

APRIL 17, 2024

Schedule a first-day tech orientation with IT support to guide through system logins and software use. Regular Check-Ins and Goal Setting: Maintain frequent communication through scheduled one-on-ones. Efficient Setup and Integration: Ensure all technical setups are handled smoothly and swiftly.

Corporation Tax 52

Corporation Tax Payroll Bookkeeping Tax 52

FinOps in Practice

OCTOBER 24, 2023

In this article, we describe block D, devoted to the automated machine learning workflow. From the beginning, we would like to mention that in this article, by ML system, we mean an information system that contains one or more components with a trained model that performs some part of the overall business logic.

FinOps 130

FinOps FinOps 130

Accounting Tools

JUNE 9, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement What is a Lead Schedule? A lead schedule is a working paper that lists the detailed general ledger accounts comprising a line item in the financial statements.

General Ledger 40

General Ledger Financial Statements Auditing Accounting 40

Accounting Tools

OCTOBER 20, 2023

It is a good way to develop an initial production schedule. Related Articles Master Production Schedule Finite loading requires the use of detailed computer-based planning, based on the normal usage requirements of all jobs and the normal capacity levels of work centers.

Computation 40

Computation 40

Accounting Tools

JUNE 9, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement The Interpretation of Financial Statements What is a Supporting Schedule? A supporting schedule is a detailed itemization of the contents of an account. Supporting schedules are stored in the audit working papers.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

JANUARY 2, 2024

Related Articles Charge and Discharge Statement Estate Planning Income Beneficiary Remainder Beneficiary Testamentary Trust Trust Fund Transfers Between Income and Principal The trustee may also need to account for transfers between income and principal.

Accounting 40

Accounting Accounting 40

Accounting Tools

MARCH 28, 2024

There are several options for the repayment of these loans, such as in accordance with a fixed monthly schedule or a lump sum payment that is due on the maturity date of the loan. Related AccountingTools Courses Corporate Finance Treasurer's Guidebook Related Article Lender Relations (podcast)

Corporate Finance 40

Corporate Finance 40

Accounting Tools

AUGUST 8, 2023

Related Courses Credit and Collection Guidebook Financial Forecasting and Modeling Payables Management What is an Aging Schedule? An aging schedule is a report that itemizes payables and receivables into different categories based on their creation dates. The schedule has the uses noted below.

Collections 40

Collections Accounts Payable Accounts Payable Accounting Software 40

Accounting Tools

AUGUST 8, 2023

Material requirements planning (MRP) is a computer-driven production scheduling and inventory management system. It uses bills of material , inventory records, and a production schedule to forecast and order materials, so that those materials needed for scheduled production are available in the correct quantities and on the correct dates.

Computation 40

Computation Billing 40

Accounting Tools

MAY 2, 2024

A service center could have an internal fee schedule, which it uses to charge other departments for the services provided. Related AccountingTools Courses Cost Accounting Fundamentals Cost Management Guidebook Related Article Service Department Accounting for a Service Center There are several ways to account for a service center.

Billing 40

Billing Budgeting Cost Accounting Accounting 40

Accounting Tools

JANUARY 20, 2024

Accounting for Deferred Charges Deferred charges should be itemized on a schedule that states the remaining balance of each item. If deferred charges are being amortized over time, the schedule should state the amount of amortization per period. Related Articles Prepaid Expenses Accounting Prepaid Expenses Procedure

Reconciling 40

Reconciling Auditing Accounting Accounting 40

Accounting Tools

DECEMBER 20, 2023

05) P = $678,637 The Difference Between an Annuity Due and an Ordinary Annuity The key difference between an annuity due and an ordinary annuity is that the payments for an annuity due are scheduled to be issued at the beginning of each payment period, while the payments for an ordinary annuity are scheduled for the end of each period.

Financial Analysis 75

Financial Analysis Accounting Accounting 75

Accounting Tools

OCTOBER 10, 2023

Slack is the difference between the scheduled completion date of a task and its required date, where the required date is later than the completion date. Example of Project Slack Ten days are scheduled to complete a task, even though only four days are required to do so. There is no slack in the critical path of a project.

Accounting 40

Accounting Accounting 40

Accounting Tools

JULY 13, 2023

For example, when a manufacturing company is producing electric golf carts, dependent demand consists of the production processes to construct the tires, motor, seats, steering wheel, controls, and chassis of however many golf carts are scheduled for production. Related Articles Bill of Materials Master Production Schedule

Billing 40

Billing 40

Accounting Tools

AUGUST 23, 2023

Related Articles Accounts Payable Aging Report Aging Schedule How to Set Up an Accounts Payable System Some software packages require that this report be run as part of the check printing process. Terms Similar to Check Register A check register is also called a cash disbursements journal.

Bank Reconciliation 75

Bank Reconciliation Accounts Payable Accounts Payable Reconciling 75

Accounting Tools

FEBRUARY 8, 2024

The internal audit staff may schedule a review of cash vouchers, to see if the items reimbursed comply with the company's policy for petty cash use. If there is a difference, then either the cash was counted incorrectly, the amounts stated on the cash vouchers are incorrect, or cash stolen from the fund. Who Reviews Cash Vouchers?

Petty cash 75

Petty cash Reconciling Financial Statements Bookkeeping 75

Nanonets

JUNE 19, 2023

Automated data extraction using Nanonets Get Started Schedule a Demo Copy and paste Giphy A copy & paste approach is the most practical option when dealing with a small number of simple PDF documents. Get Started Schedule a Demo Update June 202 3 : this post was originally published in Oct 2020 and has since been updated numerous times.

Data Entry 98

Data Entry Invoicing Collections 98

Accounting Tools

MARCH 25, 2024

A bond retirement may occur when bonds reach their scheduled maturity dates , in which case the issuer is obligated to retire them. Related AccountingTools Courses Accounting for Bonds Accounting for Investments Corporate Finance Related Articles Gain on Retirement of Bonds Redemption of Bonds Payable Retirement of Bonds

Corporate Finance 40

Corporate Finance Accounting Accounting 40

Accounting Tools

FEBRUARY 8, 2024

Cumulative preferred stock is an equity instrument that pays a fixed dividend on a predetermined schedule, and prior to any distributions to the holders of a company's common stock. What is Cumulative Preferred Stock? The amount of the dividend is usually based on the par value of the stock.

Financial Statements 40

Financial Statements Corporate Finance Accounting Accounting 40

Xero

JANUARY 30, 2024

You’ll need a quantity surveyor to prepare a tax depreciation schedule. The information in this article should be used for general guidance only and you should seek appropriate tax, financial and legal advice as may be appropriate for your particular business needs. Depreciation You may be able to claim depreciation of your property.

XERO 234

XERO Accounting Accounting Bank Reconciliation 234

Counto

FEBRUARY 23, 2024

Additional features may include leave management and shift scheduling, enhancing organisational effectiveness. Comprehensive HR Management: While outsourcing handles the core payroll tasks, software complements it by managing other HR aspects such as leave approvals, expense tracking, and shift scheduling. What is Payroll Outsourced?

Payroll 52

Payroll Tax 52

Xero

MARCH 13, 2024

Reach out to them via Xero Central support , or check out our support articles and webinars. If this isn’t currently entered, you’ll be asked to add this when scheduling your next EPS and entering an amount of CIS suffered. Our payroll specialists are also here to support you at any time.

Payroll 200

Payroll XERO Tax Corporation Tax 200

Nanonets

MAY 28, 2023

Get Started Schedule a Demo Alternate Solutions * Adobe plugins *Does the job but not automated *Requires considerable manual intervention *Might throw up errors Most solutions that attempt to rename documents in bulk come in the form of plugins for Adobe’s PDF reader; since renaming PDFs is the most popular use case.

Invoicing 98

Invoicing 98

Accounting Tools

OCTOBER 22, 2023

In these cases, you can either update costs on a more frequent schedule or in response to a triggering event. Increased Frequency Option From a procedural perspective, it is easy enough to simply schedule a complete review of all costs semi-annually or once a quarter. Related Articles Is Standard Costing Allowable in GAAP and IFRS?

Cost Accounting 40

Cost Accounting Accounting Accounting 40

Accounting Tools

APRIL 28, 2024

The standard cost to operate a machine is based on expected capacity levels, utility costs, and scheduled maintenance charges. Related Articles Accounting for Variances Cost Variance Analysis Variance Analysis Variance Report The standard cost of labor is based on a time and motion study , adjusted for down time.

Budgeting 40

Budgeting Cost Accounting Accounting Accounting 40

Jetpack Workflow

MARCH 20, 2024

In this article, we explore the primary tax workflow areas that are ideal targets for automation and provide practical suggestions to help you get started. When that step is complete, schedule a follow-up meeting with the client to go over their return, answer any questions, and request payment if you haven’t already collected it.

Tax 52

Tax Collections Accounting Software XERO 52

Accounting Tools

OCTOBER 2, 2023

Accretion expense is the ongoing, scheduled recognition of an expense related to a long-term liability. Related Articles Accretion of Discount Related Courses Fixed Asset Accounting GAAP Guidebook What is Accretion Expense? The amount charged to expense represents the change in the remaining discounted cash flows of the liability.

Accounting 40

Accounting Accounting 40

Accounting Tools

MARCH 8, 2024

The baseline set of modules may be expanded to include ancillary functions, such as purchasing, production scheduling, warehousing, and human resources. 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

MARCH 11, 2024

A project manager needs to track external dependencies closely to ensure that each one has been dealt with, so that a project can be completed on schedule. Related AccountingTools Course Project Management Related Articles Critical Path Method Front End Loading PERT Chart Top-Down Estimating The permit is an external dependency.

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Cloud Accounting Podcast

MARCH 21, 2024

(06:49) - Minnesota CPA Society's Pathways CPA Licensure Bill advances in Senate (10:08) - Our listener plugs a security hole in tax client portal software (14:03) - The cultural issues that plague the accounting profession (20:57) - Fortune magazine article that CPAs need to tell their stories (24:39) - Should we have a federal CPA license? (27:45)

CPA 49

CPA Billing Customer Service Collections 49