Accounting Tools

SEPTEMBER 2, 2023

Related Courses How to Audit Receivables How to Conduct an Audit Engagement How to Audit Accounts Receivable If your company is subject to an annual audit , the auditors will review its accounts receivable in some detail. Investigate reconciling items. This means that these journal entries should be fully documented.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables Auditing 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 auditors test the validity of these assertions by conducting a number of audit tests. Classification. Completeness.

Auditing 75

Auditing Financial Statements General Ledger Accounting 75

Accounting Tools

JUNE 12, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Audit? A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. Fixed assets.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

Accounting Tools

DECEMBER 28, 2023

A trial balance is an accounting report that states the ending balance in each general ledger account. The purpose of a trial balance is to ensure that all entries made into an organization's general ledger are properly balanced. A trial balance lists the ending balance in each general ledger account.

General Ledger 75

General Ledger Record Keeping Financial Statements Auditing 75

Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. We will also cover how automation helps to streamline the AP audit procedure. What is an AP Audit?

Accounts Payable 52

Accounts Payable Accounts Payable Auditing General Ledger 52

Xero

AUGUST 29, 2023

Managing and Auditing Expense Approvals Expense approvals are often managed offline, through email, or possibly even through Slack or Teams. While there is technically an audit trail when the review and approval expenses take place via email, getting access to these sources of information can be a completely different story.

Expense Reports 212

Expense Reports XERO Data Entry General Ledger 212

Accounting Tools

APRIL 12, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is an Audit Adjustment? An audit adjustment is a proposed correction to the general ledger that is made by a company's external auditors. If not, these adjustments must be made.

Auditing 40

Auditing General Ledger Financial Statements Accounting 40

Accounting Tools

APRIL 11, 2024

What is Tracing in Auditing? This typically involves locating an item in the general ledger , tracing it back to a subsidiary ledger (if necessary) to look for the unique identifying document number, and then going to the accounting files to locate the source document.

General Ledger 40

General Ledger Purchase Order Auditing Billing 40

Accounting Tools

JUNE 12, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. This is the most common reason for a difference.

Reconciling 75

Reconciling Accounts Receivable Accounts Receivable Account Receivables 75

Accounting Tools

OCTOBER 4, 2023

Related Courses How to Audit Procurement Purchasing Guidebook What is a Purchases Journal? This journal is most commonly found in a manual accounting system , where it is necessary to keep high-volume purchasing transactions from overwhelming the general ledger.

General Ledger 75

General Ledger Purchase Order Accounts Payable Accounts Payable 75

Accounting Tools

APRIL 8, 2024

For example, the initial funding of a petty cash box is $300, and this amount is recorded in the corresponding general ledger account for petty cash. This amount does not change in the general ledger, even though the amount of cash in the petty cash box will gradually decline as it is paid out and replaced with receipts.

Petty cash 40

Petty cash General Ledger Bookkeeping Auditing 40

Accounting Tools

MARCH 24, 2023

Related Courses How to Audit Liabilities Payables Management Before closing the books at the end of each reporting period , the accounting staff must verify that the detailed total of all accounts payable outstanding matches the payables account balance stated in the general ledger.

Reconciling 75

Reconciling Accounts Payable Accounts Payable General Ledger 75

Accounting Tools

FEBRUARY 3, 2024

A cash receipts journal is a subsidiary ledger in which cash sales are recorded. This journal is used to offload transaction volume from the general ledger , where it might otherwise clutter up the general ledger. The cash receipts journal is most commonly found in manual accounting systems.

General Ledger 40

General Ledger Bookkeeping Accounting Software Accounts Receivable 40

Accounting Tools

AUGUST 6, 2023

Year-end adjustments are journal entries made to various general ledger accounts at the end of the fiscal year , to create a set of books that is in compliance with the applicable accounting framework. It is especially necessary to create year-end adjustments when the financial statements are to be audited by the company’s auditors.

General Ledger 75

General Ledger Accruals Billing Reconciling 75

Nanonets

JUNE 17, 2023

Account reconciliation is the process of comparing general ledger accounts (usually from the balance sheet) with supporting documents, such as bank statements, sub-ledgers, and other underlying transaction details. Reconciliation in accounting is essential for ensuring that the general ledger balance is complete and accurate.

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Accounting Tools

MARCH 28, 2024

Balance per books is the ending balance of an account that appears in the general ledger. What is Balance per Books? The concept is commonly used in regard to the ending cash balance, which is then compared to the cash balance in the monthly bank statement as part of a bank reconciliation.

Bank Reconciliation 40

Bank Reconciliation General Ledger Deposits Auditing 40

Nanonets

APRIL 17, 2024

It is the first step in the accounting cycle and involves recording the transaction in the general ledger. Prepare Journal Entries: Record the journal entries in the company's general ledger or accounting software. Post Entries: Post the journal entries to the appropriate accounts in the general ledger.

Bank Reconciliation 52

Bank Reconciliation General Ledger Deposits Reconciling 52

Accounting Tools

JUNE 12, 2023

The information in these books is then summarized and posted into a general ledger , from which financial statements are produced. Examples of these accounting journals are the cash journal, general journal , purchase journal, and sales journal. This concept only applies to manual record keeping.

General Ledger 40

General Ledger Record Keeping Reconciling Financial Statements 40

Nanonets

FEBRUARY 14, 2024

In the world of business, keeping track of money matters is crucial, and that's where General Ledger Codes, or GL Codes, come into play. General Ledger Codes, or GL Codes, are unique alphanumeric strings that classify and record financial transactions within a company’s general ledger.

General Ledger 52

General Ledger Accounts Payable Accounts Payable Accounting Software 52

Accounting Tools

SEPTEMBER 22, 2023

Related Courses How to Audit Procurement Purchasing Guidebook What is a Purchases Day Book? A purchases day book is an accounting ledger in which purchasing transactions are recorded. This book is most commonly found in manual accounting systems , where purchases are recorded by hand in a ledger.

General Ledger 40

General Ledger Record Keeping Invoicing Auditing 40

Accounting Tools

JULY 9, 2023

Related Courses How to Conduct an Audit Engagement What is Verification? For example, auditors may compare source documents to a balance recorded in a company's general ledger to verify that the balance is correct and recorded within the correct date range.

General Ledger 40

General Ledger Auditing 40

Accounting Tools

APRIL 14, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is a Plant Ledger? A plant ledger is a subsidiary ledger in which fixed asset transactions are recorded.

General Ledger 40

General Ledger Auditing Accounting Accounting 40

Accounting Tools

APRIL 7, 2024

A liability is recorded in the general ledger , in a liability-type account that has a natural credit balance. Related AccountingTools Courses How to Audit Liabilities The Balance Sheet Examples of Long-Term Liabilities The following are examples of long-term liabilities. What are Liabilities? Warranty liability.

General Ledger 75

General Ledger Payroll Deposits Invoicing 75

Accounting Tools

OCTOBER 20, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets Accounting for the sale of land differs from the accounting for the sale of any other type of fixed asset , because there is no accumulated depreciation expense to remove from the accounting records.

General Ledger 75

General Ledger Accounting Accounting Auditing 75

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

Nanonets

JUNE 21, 2023

These include bank statements, invoices, receipts, and internal records (such as general ledger or accounting software reports). For example, compare the beginning balance of a bank account as per the bank statement with the balance recorded in the company's general ledger.

General Ledger 52

General Ledger Reconciling Financial Records Account Reconciliation 52

Accounting Tools

MAY 21, 2023

A journal entry is usually recorded in the general ledger ; alternatively, it may be recorded in a subsidiary ledger that is then summarized and rolled forward into the general ledger. The general ledger is then used to create financial statements for the business.

General Ledger 75

General Ledger Financial Statements Accruals Payroll 75

Accounting Tools

APRIL 10, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is a Fixed Asset Schedule? It is the source document for the fixed asset account balance listed in the general ledger. The cumulative total of all the gross cost amounts in the report should equal the balance in the general ledger account for fixed assets.

General Ledger 40

General Ledger Reconciling Auditing Accounting 40

Accounting Tools

OCTOBER 20, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is the Inventory Ledger? An inventory ledger is a document or computer record that tracks inventory transactions. The total of all transactions listed in this ledger should match the total for the corresponding account in the general ledger.

General Ledger 40

General Ledger Computation Auditing Accounting 40

accountingfly

APRIL 18, 2024

Extensive supervisory experience Client niches: professional services, manufacturing, hospitality, retail, etc.

General Ledger 52

General Ledger CPA Accounting Accounting 52

Accounting Tools

APRIL 14, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is the Petty Cash Journal? The totals in the journal are then used as the basis for a journal entry into a company's general ledger. Forward the packet to the general ledger clerk.

Petty cash 40

Petty cash General Ledger Bookkeeping Auditing 40

Nanonets

APRIL 23, 2024

It involves matching transactions and balances between internal accounting records, such as general ledger accounts, and also external records, such as bank statements or vendor invoices.    By reconciling accounts regularly, businesses can detect errors, discrepancies, and fraudulent activities.

Account Reconciliation 52

Account Reconciliation Bank Reconciliation Reconciling General Ledger 52

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. For the noted items, calculate the difference between the carrying amounts and undiscounted cash flows, and create a journal entry for the difference in the general ledger as an adjusting entry.

General Ledger 40

General Ledger Auditing Accounting Accounting 40

Accounting Tools

NOVEMBER 1, 2023

For example, there are tax accountants , cost accountants , payroll clerks , billing clerks , general ledger accountants , and collection clerks. A CPA license is required before a person can audit the books of a client organization. These specialized areas all operate under the supervision of a controller.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

APRIL 12, 2024

This tends to result in fewer audit adjustments at the end of the year, since most issues have already been found and corrected by the accounting staff. Related Articles How to Reconcile an Account How to Reconcile the General Ledger Reconciliation Statement Reconciling Item

General Ledger 40

General Ledger Reconciling Account Reconciliation Bookkeeping 40

Accounting Tools

MARCH 8, 2024

A contra inventory account is a general ledger account that is paired with the inventory account, and which contains a negative balance that represents a reserve for obsolete or damaged goods. What is a Contra Inventory Account?

General Ledger 40

General Ledger Accounting Accounting Financial Statements 40

Accounting Tools

MARCH 11, 2024

If the outcome is correct, the entries are then input into the general ledger. These worksheets may be provided to the auditors as part of the annual audit , as evidence that the balance sheet accounts are correct. Related Articles Accounts Reconciliation (podcast) How to Reconcile an Account Reconciliation Statement

General Ledger 40

General Ledger Account Reconciliation Accounting Accounting 40