Accounting Tools

MAY 14, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook Overview of Accounts Receivable When goods or services are sold to a customer , and the customer is allowed to pay at a later date, this is known as selling on credit , and creates a liability for the customer to pay the seller.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable General Ledger 75

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.

Reconciling 75

Reconciling Accounts Receivable Account Receivables Accounts Receivable 75

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook Accounts receivable is the amount owed to a seller by a customer. Accounts receivable is listed as a current asset on the balance sheet , since it is usually convertible into cash in less than one year.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Accounting 75

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. Test invoices listed in receivable report.

Accounts Receivable 40

Accounts Receivable Account Receivables Accounts Receivable Auditing 40

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. Accounts receivable.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

oAppsNet

MAY 21, 2024

The rapidly evolving business landscape has spotlighted the critical function of accounts receivable (AR). This trend emphasizes incorporating compliance measures into AR processes, including data security protocols and audit trails.

Accounts Receivable 52

Accounts Receivable Account Receivables Accounts Receivable AR 52

Compleatable

MARCH 6, 2025

Regular Audits : Conduct regular financial audits to identify inefficiencies, reduce waste, and ensure compliance with accounting standards. Expense Tracking : Use accounting software and accounting software add-ons (such as Compleat Software ) to track expenses in real time and identify areas where costs can be reduced.

Accounting 100

Accounting Accounting Revenue Cycle Management Revenue Cycle 100

Nanonets

MAY 21, 2024

Accounts receivable reconciliation is a crucial process within accounting and financial management practices undertaken regularly by a business. As transactions with customers and clients occur, businesses generate accounts receivable, which represent amounts owed to them for goods and services sold or rendered.

Accounts Receivable 52

Accounts Receivable Account Receivables Accounts Receivable General Ledger 52

Accounting Tools

APRIL 8, 2024

Controls over accounts receivable really begin with the initial creation of a customer invoice , since you must minimize several issues during the creation of accounts receivable before you can have a comprehensive set of controls over this key asset. Review accounts receivable journal entries.

Accounts Receivable 40

Accounts Receivable Account Receivables Accounts Receivable Accounting 40

Intuit

AUGUST 30, 2024

For example, there might be a bucket for income received (sales), another for money spent on supplies (expenses), and accounts for things like cash on hand, money owed to you by customers (accounts receivable), and money you owe to vendors (accounts payable). Looking for an accounting or bookkeeping job?

Bookkeeping 246

Bookkeeping Financial Statements Accounting Accounting 246

Accounting Tools

APRIL 14, 2024

What is the Schedule of Accounts Receivable? The schedule of accounts receivable is a report that lists all amounts owed by customers. How to Use a Schedule of Accounts Receivable There are several uses for the receivables schedule, which are noted below. Related Article Accounts Receivable Aging

Accounts Receivable 40

Accounts Receivable Account Receivables Accounts Receivable Collections 40

AP Association

SEPTEMBER 6, 2022

A well-functioning accounts payable department will help you ensure that you pay any money you owe to other individuals or businesses as promptly as possible and in line with any payment arrangements you might have with individual creditors.

Accounts Payable 130

Accounts Payable Accounts Payable Accounting Accounting 130

oAppsNet

MARCH 5, 2024

One area where digital transformation can profoundly impact is accounts receivable (AR) processes. Strengthening Compliance and Auditability Digital transformation enhances compliance and auditability by providing organizations with robust controls, audit trails, and data security measures to safeguard AR processes and transactions.

Accounts Receivable 52

Accounts Receivable Account Receivables Accounts Receivable AR 52

Nanonets

MAY 8, 2023

Try Nanonets accounting automation software to streamline all your accounting receivable processes. Start your free trial Accounts receivable (AR) is an asset on a company's balance sheet. In other words, accounts receivable is the money a company expects to receive in the future from its customers.

Accounts Receivable 52

Accounts Receivable Account Receivables Accounts Receivable AR 52

Gaviti

FEBRUARY 6, 2023

And with the proliferation of AI and machine learning tools in the digital landscape, 2023 is the perfect time for accounts receivable (AR) teams to examine their processes and find areas for improvement through better technologies, tactics, and process management. Accounts receivable is no exception.

Accounts Receivable 52

Accounts Receivable Account Receivables Accounts Receivable AR 52

Accounting Tools

OCTOBER 24, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is Gross Accounts Receivable? Gross accounts receivable is the amount of sales that a business has made on credit, and for which no payment has yet been received.

Accounts Receivable 40

Accounts Receivable Account Receivables Accounts Receivable Accounting 40

Accounting Tools

MARCH 24, 2023

Related Courses Bookkeeping Guidebook Credit and Collection Guidebook How to Audit Receivables What is the Accounts Receivable Ledger? The accounts receivable ledger is a subledger in which is recorded all credit sales made by a business.

Accounts Receivable 40

Accounts Receivable Account Receivables Accounts Receivable General Ledger 40

Jetpack Workflow

MARCH 23, 2023

In most cases, you’ll find yourself delivering the product or service first, along with an invoice, and receiving payment later. This process is why an accounts receivable (AR) ledger is your best friend. You may have made a sale, but the transaction isn’t complete until the money is in your bank account.

Accounts Receivable 52

Accounts Receivable Account Receivables Accounts Receivable AR 52

Gaviti

NOVEMBER 16, 2023

It might seem like a silly question to ask in a blog dedicated to topics about accounts receivables, but there actually is no standard consensus on exactly when an account is categorized as delinquent. Want to see if Gaviti can reduce the number of overdue invoices in accounts receivable and significantly improve your cash flow?

Accounts Receivable 52

Accounts Receivable Account Receivables Accounts Receivable Accounting 52

oAppsNet

MARCH 18, 2025

Creating a clear audit trail for future credit decisions. Automated tools simplify reporting, making audits and risk assessments more efficient. More efficient accounts receivable management, strengthening cash flow. Enhancing stakeholder confidence by demonstrating due diligence.

Financial Statements 52

Financial Statements Auditing Accounts Receivable Account Receivables 52

Counto

NOVEMBER 2, 2024

Categorise Your Invoices : Use folders or tags to organise invoices by client, date, or payment status (paid/unpaid) to facilitate easier tracking and retrieval during audits. Monitor Cash Flow Regularly Identify Payment Trends : Keep a close eye on your accounts receivable to spot trends in payment delays or issues with specific clients.

Invoicing 52

Invoicing Invoice Processing Accounts Receivable Account Receivables 52

Bookkeeping Express

APRIL 6, 2023

For many business owners, the mere mention of an audit can evoke feelings of stress and anxiety. The announcement of an actual audit can be overwhelming, prompting a scramble to locate important documents, reconcile accounts, and otherwise “get things together.” Do deep accounts receivable analysis.

Bookkeeping 52

Bookkeeping Auditing Accounts Receivable Account Receivables 52

Counto

SEPTEMBER 7, 2024

Understanding Audit Requirements for Private Limited Companies in Singapore As a private limited company in Singapore, understanding audit requirements is crucial for maintaining financial transparency and compliance. What is an Audit? Changing auditors can bring fresh perspectives and enhance audit quality.

Auditing 52

Auditing Financial Statements Budgeting Tax 52

Gaviti

JANUARY 20, 2025

One cornerstone of accurate financial reporting is the matching principle in accounting, a concept that ensures revenues and expenses are recorded in the same period. But how does this principle align with the technological advancements in accounts receivable (A/R) automation?

AR 52

AR Financial Statements Invoicing Collections 52

Nanonets

MAY 8, 2023

If a customer calls you and asks about their payment, can you see the date it was received and deposited? If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit.

Auditing 52

Auditing Accounts Payable Accounts Payable Purchase Order 52

Gaviti

SEPTEMBER 6, 2023

At Gaviti, we are committed to providing you with the most cutting-edge solutions to streamline your accounts receivable management processes. Centralize Visibility and Maintain a Credit Audit Trail : Track all credit-related activities for transparency, facilitate audits, and maintain a clear credit history for each customer.

Accounts Receivable 98

Accounts Receivable Account Receivables Accounts Receivable Accounts Payable 98

Accounting Tools

MAY 15, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is the Allowance for Doubtful Accounts? The allowance for doubtful accounts is paired with and offsets accounts receivable. Actual results may vary from management’s expectations for accounts receivable collections.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Accounting 75

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. If substantive testing turns up errors or misstatements, additional audit testing may be required. What is Substantive Testing? There are many substantive tests that an auditor can use.

Auditing 75

Auditing Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

MARCH 25, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is a Bad Debt? A bad debt is an account receivable that has been clearly identified as not being collectible. A doubtful debt is an account receivable that might become a bad debt at some point in the future.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Invoicing 75

Accounting Tools

OCTOBER 21, 2023

Related Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition What is Deferred Gross Profit? Under the installment method, only the gross profits on those sales for which cash payment has been received are recognized. The cost of the goods sold is $70,000, so there is $30,000 of gross profit associated with the sale.

Accounts Receivable 74

Accounts Receivable Account Receivables Accounts Receivable Bookkeeping 74

Accounting Tools

JULY 15, 2024

The provision for doubtful debts is the estimated amount of bad debt that will arise from accounts receivable that have been issued but not yet collected. It is identical to the allowance for doubtful accounts. The two line items can be combined for reporting purposes to arrive at a net receivables figure.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Accruals 75

Accounting Tools

JULY 16, 2023

Related Courses Forensic Analytics Guide to Analytical Procedures Guide to Audit Sampling Guide to Data Analytics for Audits How to Conduct an Audit Engagement What are Analytical Procedures? Analytical procedures are a type of evidence used during an audit. Review the current ratio over several reporting periods.

Auditing 75

Auditing Financial Records Accounts Payable Accounts Payable 75

Accounting Tools

APRIL 7, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets Land is not depreciated, since it has an unlimited useful life. Current assets , such as accounts receivable and inventory , are not depreciated. Instead, they are assumed to be converted to cash within a short period of time, typically within one year.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Auditing 75

Accounting Tools

JULY 17, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook A bad debt can be written off using either the direct write off method or the provision method. There are two ways to account for a bad debt, which are noted below. The first approach tends to delay recognition of the bad debt expense.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Invoicing 75

Accounting Tools

JUNE 14, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is the Direct Write Off Method? Creating the credit memo creates a debit to a bad debt expense account and a credit to the accounts receivable account.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Financial Statements 75

Accounting Tools

MAY 15, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook The Difference Between the Direct Write-Off and Allowance Methods Under the direct write-off method , a bad debt is charged to expense as soon as it is apparent that an invoice will not be paid.

Reconciling 75

Reconciling Accounts Receivable Account Receivables Accounts Receivable 75

Accounting Tools

JULY 25, 2023

When the customer pays for the invoice, debit the cash account for the amount of the payment and credit the accounts receivable account. In that case, issue a credit memo that reverses the amount of the sales tax liability account (and which is also a reduction of the accounts receivable asset account).

Tax 74

Tax Accounting Accounting Accounts Receivable 74