Accounting Tools

JUNE 7, 2023

Sale on Account If a sale is "on account," this means that the buyer will pay the seller at a later date, based on the credit terms associated with the transaction (such as net 10 terms, where the buyer is obligated to pay in 10 days from the invoice date).

General Ledger 75

General Ledger Accounting Accounting Accruals 75

Accounting Tools

JUNE 14, 2023

Example of a Suspense Account A customer sends in a payment for $1,000 but does not specify which open invoices it intends to pay. Until the accounting staff can ascertain which invoices to charge, it temporarily parks the $1,000 in the suspense account.

Accounting 74

Accounting Accounting Accounts Payable Accounts Payable 74

Nanonets

NOVEMBER 27, 2023

By definition, netting is the act of combining multiple financial obligations between two or more parties and paying a net payment amount. When netting in finance, your accounts payable team can look at all the incoming and outgoing invoices you have with a specific vendor or business. What is Netting?

AP 52

AP Accounts Payable Accounts Payable Invoicing 52

Accounting Tools

APRIL 12, 2024

As part of the closing process, the accounting staff may engage in the following reconciliation activities: Reconcile the bank statement Reconcile balance sheet accounts to the supporting detail Reconcile inventory records to on-hand balances (if a periodic inventory system is used) Reconciliations are considered an important control activity.

Reconciling 40

Reconciling General Ledger Account Reconciliation Bookkeeping 40

Invoicera

APRIL 2, 2024

It’s required to keep track of all the bills and invoices a company has received. Here, comes the Accounts Payable management. The management generally includes controlling all the aspects of Accounts Payable. By keeping your accounts payable in check, you can avoid late payments and build trust with your clients.

Accounts Receivable 52

Accounts Receivable Account Receivables Accounts Receivable Accounts Payable 52

Nanonets

APRIL 5, 2023

In this article, we will explore the definition of intelligent process automation, its importance in modern businesses, the key technologies involved, benefits, challenges, use cases, and the future of IPA. What is intelligent process automation?

Customer Service 98

Customer Service Account Reconciliation Invoice Processing Financial Reporting 98

Nanonets

JANUARY 8, 2024

This includes keeping track of receipts, invoices, and bank statements. Consider using digital tools or software to digitize and categorize your documents, making them easily accessible for reconciliation. Regular reconciliation: It's crucial to reconcile your bank statements regularly, ideally on a monthly basis.

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52