Accounting Tools

APRIL 24, 2024

Related AccountingTools Courses Fraud Examination Fraud Schemes How to Audit for Fraud Optimal Accounting for Cash Intercept at Cashier The cashier can remove cash and simply not record the associated transaction in the accounting records. This theft can be prevented by having two people jointly open the mail.

Petty cash 74

Petty cash Deposits Auditing Billing 74

Accounting Tools

JULY 29, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Reconciling a bank statement involves comparing the bank's records of checking account activity with your own records of activity for the same account. If so, adjust your record of the deposit. To reconcile a bank statement, follow the steps noted below.

Reconciling 75

Reconciling Bank Reconciliation Deposits Auditing 75

Accounting Tools

JUNE 10, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash What is a Restrictive Endorsement? An example of a restrictive endorsement is the "For Deposit Only" stamp used by most companies on the back of a received check. Do not deposit it.

Deposits 75

Deposits Bookkeeping Auditing Bank Reconciliation 75

Nanonets

APRIL 15, 2024

It typically outlines outstanding checks, deposits in transit, bank fees, errors, and any other differences between the two sets of records.  This includes deposits, withdrawals, checks issued, electronic transfers, bank fees, interest earned, and any other relevant transactions. Bank Statement ).

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Accounting Tools

APRIL 28, 2024

Customer deposits. Includes deposits received from customers for goods or services not yet delivered to them. Related AccountingTools Courses How to Audit Liabilities The Balance Sheet Related Article Liability Accounting Includes all taxes payable to the applicable government entities; examples are sales taxes and use taxes.

Deposits 40

Deposits Accounts Payable Accounts Payable Tax 40

Accounting Tools

SEPTEMBER 8, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash The ledger balance and available balance are terms used by a bank for the cash position of a checking account. The ledger balance is the balance available as of the beginning of the day. The latter definition is more commonly used.

Deposits 75

Deposits Bookkeeping Auditing Bank Reconciliation 75

Accounting Tools

DECEMBER 28, 2023

Paychecks may be replaced by electronic payments, such as direct deposit , that send the pay amount directly into an employee’s bank account. Related AccountingTools Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management Related Articles Can Payroll Cards Replace Direct Deposit? Direct Deposit

Deposits 40

Deposits Payroll Auditing Accounting 40

Nanonets

APRIL 17, 2024

Some other items that go into the journal are check printing charges, customer checks that were initially deposited but are subsequently returned due to insufficient funds (NSF), bank corrections addressing company errors, loan payments, and electronic deposits and withdrawals.

Bank Reconciliation 52

Bank Reconciliation General Ledger Deposits Reconciling 52

Accounting Tools

MAY 14, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash What is a Bank Reconciliation? Bank Reconciliation Terminology The key terms to be aware of when dealing with a bank reconciliation are: Deposit in transit. A listing of uncleared checks and uncleared deposits will appear. Outstanding check.

Bank Reconciliation 75

Bank Reconciliation Deposits Reconciling Accounting Software 75

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

NOVEMBER 4, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is a Bank Reconciliation Statement? It itemizes the deposits, withdrawals, and other activities impacting the checking account for a one-month period. Add the total of all deposits in transit to the bank.

Bank Reconciliation 40

Bank Reconciliation Deposits Record Keeping Auditing 40

Accounting Tools

MARCH 28, 2024

These two balances are rarely the same, due to such adjusting items as uncashed checks, deposits in transit , and bank account fees. Bank Balance The balance per books is the ending balance in the accounting records of an organization, while the bank balance is the ending cash balance in an organization’s bank account, according to its bank.

Bank Reconciliation 40

Bank Reconciliation General Ledger Deposits Auditing 40

Accounting Tools

AUGUST 24, 2023

Related Courses Bookkeeping Guidebook How to Audit Revenue Revenue Management Revenue Recognition What are Layaway Sales? Retailers routinely offer layaway sales arrangements to their customers , where customers are allowed to set aside specific items, usually in exchange for a layaway deposit.

Deposits 40

Deposits Bookkeeping Auditing Accounting 40

Accounting Tools

MARCH 26, 2024

Related AccountingTools Courses Bank Reconciliation Essentials Corporate Cash Management How to Audit Cash Related Articles Bank Debits Debit Memo A bank charge is a fee assessed to an account by a financial institution.

Bank Reconciliation 40

Bank Reconciliation Deposits Auditing Accounting 40

Accounting Tools

NOVEMBER 5, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is a Book Balance? Adjustments to Deposits The company may sometimes record a deposit incorrectly, or it may deposit a check for which there are not sufficient funds (NSF).

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Nanonets

APRIL 1, 2024

Failure to maintain this discipline can lead to financial pitfalls, including overdrafts, bounced checks, and inaccuracies in financial reporting and auditing practices. An outstanding check is a payment yet to be cashed or deposited, remaining within the bank's clearing cycle. Looking out for a Reconciliation Software?

Bank Reconciliation 52

Bank Reconciliation Reconciling Financial Records Data Entry 52

Accounting Tools

MARCH 28, 2024

There is typically a multi-day period between when a check is created and when it is presented for payment, which is caused by the time required for the postal service to deliver the check, as well as for the payee to deposit it. 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

oAppsNet

JANUARY 30, 2024

Implementing multi-factor authentication, encryption protocols, and regular security audits are essential navigation tools. Delays in Deposit Posting: The Slow Current of Operational Bottlenecks Delays in deposit posting can create operational bottlenecks, hindering the smooth flow of cash receipt processes.

Data Entry 52

Data Entry Deposits Reconciling Financial Records 52

Accounting Tools

APRIL 7, 2024

Customer deposits. Related AccountingTools Courses How to Audit Liabilities The Balance Sheet Examples of Long-Term Liabilities The following are examples of long-term liabilities. Liabilities that have not yet been invoiced by a supplier, but which are owed as of the balance sheet date. Accrued wages. Warranty liability.

General Ledger 75

General Ledger Payroll Deposits Invoicing 75

Accounting Tools

OCTOBER 3, 2023

Related Courses Auditing Construction Contractors Construction Accounting Enterprise Risk Management What is a Payment Bond? A payment bond is a deposit that the winning bidder on a construction contract is required to post. If not, the bond is used to pay these third parties.

Deposits 40

Deposits Auditing Accounting Accounting 40

Accounting Tools

JUNE 20, 2023

Related Courses Accounting for Intangible Assets Fixed Assets Accounting How to Audit Fixed Assets What are Assets? An asset is something that is expected to yield a benefit in a future period. If an asset is expected to be entirely consumed within the current period, then it is instead charged to expense in that period.

Computation 75

Computation Deposits Auditing Accounting 75

Accounting Tools

OCTOBER 23, 2023

Cash Receipts The bookkeeper records all customer payments in the accounting system, and then delivers the checks and cash to the bank, so that it can be deposited in the company’s checking account. This information must be sufficiently organized that the auditors can easily access information when they conduct the year-end audit.

Bookkeeping 75

Bookkeeping Financial Statements Payroll Deposits 75

Accounting Tools

OCTOBER 21, 2023

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is Lapping Fraud? Audit cash receipts transactions on a regular basis, as noted above. Stamp all checks with " For Deposit Only ," so that employees cannot deposit these checks to their own accounts.

Deposits 40

Deposits Accounts Receivable Accounts Receivable Account Receivables 40

Accounting Tools

APRIL 10, 2023

Related Courses Corporate Cash Management Credit and Collection Guidebook Effective Collections How to Audit Cash What is a Post Dated Check? It is used when the issuer wants to delay payment to the recipient, while the recipient may accept it simply because the check represents a firm date on which it will be able to deposit the check.

Deposits 75

Deposits Financial Statements Collections Accounts Receivable 75

Accounting Tools

FEBRUARY 15, 2024

A not sufficient funds check is a reconciling item on a bank reconciliation , since if you deposit a check, you assume that it has cleared the bank, whereas a not sufficient funds check has not cleared the bank, thereby reducing the on-hand cash balance.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Collections 40

Accounting Tools

AUGUST 27, 2023

Related Courses How to Audit Outsourced Functions How to Audit Payroll Optimal Accounting for Payroll Payroll Management The Problems with In-House Payroll A typical in-house payroll department has many concerns. Direct Deposit Most payroll suppliers have the capability to issue payments to employees by direct deposit.

Payroll 40

Payroll Deposits Tax Auditing 40

Accounting Tools

MARCH 30, 2023

Related Courses Corporate Cash Management How to Audit Cash What are Bank Errors? There are usually few bank errors, which are concentrated in the areas of incorrect check and deposit amounts. There are usually few bank errors, which are concentrated in the areas of incorrect check and deposit amounts.

Bank Reconciliation 40

Bank Reconciliation Deposits Auditing Accounting 40

Analytix Finance & Accounting

MARCH 28, 2023

Consider this example: if you deposit funds during a high tax year and wait to make a withdrawal until taxes are lower, you are saving yourself from having to pay those higher taxes on all that money you deposited. This means that you always pay the current tax rate each time you deposit funds.

Deposits 98

Deposits Tax Payroll Billing 98

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? Another use for a voided check is to set up direct deposit payments, usually for payroll payments from your employer into your checking account. What is a Voided Check for Direct Deposit?

Deposits 40

Deposits Payroll Bookkeeping Auditing 40

Accounting Tools

FEBRUARY 15, 2024

Examples of Liability Accounts Samples of the types of liability accounts that a company may use are accounts payable , accrued liabilities , deferred revenue , interest payable , notes payable , taxes payable , customer deposits , and wages payable. Other liability accounts are more specific to certain industries.

General Ledger 40

General Ledger Accounting Accounting Deposits 40

Accounting Tools

OCTOBER 25, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management How to Process Payroll The processing of payroll can produce errors in several places, which calls for a detailed process flow that also incorporates several controls. Deposit Taxes Deposit payroll taxes and verify their transmission to the government.

Payroll 71

Payroll Data Entry Deposits Tax 71

Accounting Tools

MARCH 29, 2024

Related AccountingTools Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Debit Memos as Internal Offsets If there is a small credit balance remaining in a customer account, a debit memo can be generated to offset it, which allows the accounting staff to clear out the balance in the account.

Billing 40

Billing Deposits Invoicing Accounts Receivable 40

Accounting Tools

NOVEMBER 26, 2023

Related AccountingTools Courses Fraud Schemes Payroll Management Ghost Employee Fraud The payroll staff either creates a fake employee (or “ ghost employee ”) in the payroll records or prolongs the pay of an employee who has just left the company, and alters the payment record so that the direct deposit payment or paycheck is made out to them.

Payroll 74

Payroll Deposits Auditing Accounting 74

Accounting Tools

NOVEMBER 8, 2023

Related Courses Bank Reconciliation Essentials How to Audit Cash Optimal Accounting for Cash What is a Bank Balance? There may also be timing differences that do not require journal entries , such as deposits in transit and uncashed checks. A bank balance is the ending cash balance appearing on the bank statement for a bank account.

Bank Reconciliation 40

Bank Reconciliation Deposits Auditing Accounting 40

Accounting Tools

MAY 13, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash What are Uncollected Funds? Uncollected funds are checks deposited with the payee 's bank that have not yet been paid by the bank on which the checks were drawn.

Deposits 40

Deposits Collections Bookkeeping Auditing 40

Accounting Tools

NOVEMBER 4, 2023

Audit Selectively Only review expense reports in detail on an occasional basis, to reduce the auditing effort. The firm should assist them by issuing direct deposit payments to their bank accounts, thereby shaving several days off the payment process.

Expense Reports 40

Expense Reports Deposits Auditing Accounting 40

Accounting Tools

JUNE 12, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash What is a Bank Statement? Any discrepancies may have arisen at the bank (such as a transposed number in a check payment or a deposit), for which the bank should be contacted at once to make an adjusting entry.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40