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Chart of Accounts – How to Get Organized & Efficient

AvidXchange

Whenever you need to find a line item on an old invoice, do you find yourself having to go back and search through mountains of paperwork, or thumb through rows of filing cabinets drawers? This way, you never have to worry about tracking down a dollar amount from an old invoice or searching endlessly through pen-and-paper account records.

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General Ledger (GL): Definition, Significance, Implementation

Nanonets

These foundational documents could be invoices or cancelled checks, serving as evidence of the transactions recorded. Accounts Receivable (AR) : Tracking of customer invoices and receipts. Automated Invoice Collection Imagine a world where all your invoice and receipt collection efforts converge harmoniously into one central hub.

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What are GL Codes and how to assign them effectively?

Nanonets

Review Source Documents: For every transaction, review the source document (invoices, receipts, bank statements, etc.) Review Source Document: You receive an invoice in your mail inbox from the supplier detailing the purchase. This might involve training sessions or creating a reference guide. to determine the appropriate GL code.