Accounting Tools

OCTOBER 22, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook A general ledger account is a record in which is recorded a specific type of transaction. The ending balances in these accounts are then aggregated and reported in the balance sheet and income statement.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

AUGUST 18, 2024

What is Posting in Accounting? Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. Posting only transfers the total balance in a subledger into the general ledger, not the individual transactions in the subledger.

General Ledger 40

General Ledger Financial Statements Bookkeeping Accounts Receivable 40

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

DECEMBER 19, 2023

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. The key accountancy tasks are noted below. There are also a number of business transactions that are non-repetitive in nature, and so require the use of journal entries to record them in the accounting records.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Closing the Books Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. Posting has been eliminated in some accounting systems, where subledgers are not used.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JULY 24, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basics of Financial Accounting? This article gives an overview of financial accounting basics for the non-accountant. First, what do we mean by "financial" accounting? Accounts receivable.

Financial Accounting 75

Financial Accounting General Ledger Accounting 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. Confirm accounts receivable.

Accounts Receivable 40

Accounts Receivable Account Receivables Accounts Receivable Auditing 40

Accounting Tools

MAY 19, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Ledger Account? A ledger account contains a record of business transactions. Terms Similar to Ledger Account A ledger account is also known as an account.

General Ledger 75

General Ledger Accounting Accounting Reconciling 75

Accounting Tools

JULY 19, 2023

What is an Accounting Schedule? An accounting schedule is a supporting document that provides additional details or proof for the information stated in a primary document.

General Ledger 75

General Ledger Accounting Accounting Accounts Payable 75

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account? An account can have several meanings in the accounting profession. Account Record An account can be the record in a system of accounting in which a business records debits and credits as evidence of accounting transactions.

General Ledger 75

General Ledger Accounting Accounting Accruals 75

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

Accounting Tools

JUNE 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Subsidiary Ledger? A subsidiary ledger stores the details for a general ledger control account. Types of Subsidiary Ledgers A subsidiary ledger can be set up for virtually any general ledger account.

General Ledger 75

General Ledger Bookkeeping Financial Statements Accounts Payable 75

Accounting Tools

JULY 8, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook When you reconcile an account, you are proving that the transactions that sum to the ending account balance for the account are correct. Usually, this means moving an expense into a different account.

Reconciling 75

Reconciling Account Reconciliation General Ledger Accounting 75

Accounting Tools

JULY 8, 2023

Related Courses Accountants’ Guidebook Bookkeeping Guidebook The Balance Sheet What are Contra Accounts? A contra account offsets the balance in another, related account with which it is paired. Contra accounts appear in the financial statements directly below their paired accounts.

Accounting 75

Accounting Accounting General Ledger Accounts Receivable 75

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JULY 13, 2023

The unadjusted trial balance is the listing of general ledger account balances at the end of a reporting period, before any adjusting entries are made to the balances to create financial statements. The unadjusted trial balance is used as the starting point for analyzing account balances and making adjusting entries.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. What is Account Reconciliation?

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Accounting Tools

JUNE 19, 2023

A post-closing trial balance is a listing of all balance sheet accounts containing non-zero balances at the end of a reporting period. If any revenue, expense, gain, loss, or summary account balances appear in the trial balance subsequent to the closing process, it is because they are associated with the next accounting period.

General Ledger 75

General Ledger Computation Accounts Payable Accounts Payable 75

Accounting Tools

JUNE 16, 2023

An adjusted trial balance is a listing of the ending balances in all accounts after adjusting entries have been prepared. The adjusting entries are shown in a separate column, but in aggregate for each account; thus, it may be difficult to discern which specific journal entries impact each account.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Accounting Tools

OCTOBER 14, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Subsidiary Account? A subsidiary account is an account that is kept within a subsidiary ledger , which in turn summarizes into a control account in the general ledger.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

JULY 8, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Closing the Books What are the Steps in the Accounting Process? The accounting process is three separate types of transactions used to record business transactions in the accounting records. We will address these three parts of the accounting process below.

Financial Statements 75

Financial Statements Accounting Accounting General Ledger 75

Nanonets

JUNE 18, 2024

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Each balance should match its corresponding entry in the general ledger for any source. Why is Account Reconciliation so Important?

Account Reconciliation 52

Account Reconciliation General Ledger Reconciling Accounting 52

Accounting Tools

OCTOBER 26, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is a Control Account? A control account is a summary-level account in the general ledger. This account contains aggregated totals for transactions that are individually stored in subsidiary-level ledger accounts.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

MAY 21, 2023

Print the Trial Balance The trial balance is a standard report in any accounting software package. If you are operating a manual system, then construct the trial balance by transferring the ending balance in every general ledger account to a spreadsheet. We use adjusting entries to modify the trial balance.

General Ledger 75

General Ledger Financial Statements Accounts Payable Accounts Payable 75

Nanonets

SEPTEMBER 22, 2023

Accounts payable  and  accounts receivable  play a crucial role in a company's financial health and should be managed effectively for optimal  cash flow  and accurate  balance sheet  reporting.  What is Accounts Payable?

Accounts Payable 52

Accounts Payable Accounts Payable General Ledger Accounts Receivable 52

Perficient - Accounts Receivable

JULY 7, 2016

The Receivables work area provides three infotiles for Billing, Accounts Receivable and Revenue. Included in these is a number of services for customer billing and payment activities, revenue recognition and adjustments, AR balances and reconciliation to the general ledger.

Billing 52

Billing General Ledger AR Accounts Receivable 52

Accounting Tools

OCTOBER 9, 2023

Related Courses Closing the Books The Soft Close The Year-End Close How to Prepare Financial Statements The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials. Accrue the expense for any invoices that have not been received.

Financial Statements 75

Financial Statements General Ledger Bank Reconciliation Invoicing 75

Nanonets

APRIL 12, 2024

Bank Reconciliation Vs. Book Reconciliation In accounting and financial management, we encounter the terms "Book Reconciliation" and " Bank Reconciliation " These terms are often used interchangeably, leading to ambiguity regarding their meanings. What Is Book Reconciliation?

Bank Reconciliation 52

Bank Reconciliation General Ledger Reconciling Deposits 52

Accounting Tools

JULY 16, 2024

How to Record an Accounting Transaction When an accounting transaction occurs, it can be recorded in the books of an organization in a number of ways. These recordation methods all create entries in the general ledger , or else in a subsidiary ledger that then rolls into the general ledger.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

OCTOBER 22, 2024

The total of the transactions in the subledger roll up into the general ledger. For example, a subledger may contain all accounts receivable , or accounts payable , or fixed asset transactions. A summary-level entry is periodically recorded in the general ledger. Ending balance usage.

General Ledger 40

General Ledger Financial Statements Reconciling Bookkeeping 40

Perficient - Accounts Receivable

JULY 29, 2016

Almost everyone implements General Ledger, Payables, Receivables, and Fixed Assets. In fact, Oracle Loans can be used to turn existing receivables into long term loans with interest payments and other fees, all being recorded into General Ledger into the appropriate buckets as defined in each clients unique setup.

General Ledger 52

General Ledger Collections AR Invoicing 52

Nanonets

APRIL 12, 2024

The Importance of Accounts Reconciliation Companies handle a variety of finance-related documents, ranging from bank statements to invoices and payroll records. Amidst this deluge of numbers and figures lies a crucial task: account reconciliation.

Account Reconciliation 52

Account Reconciliation Reconciling General Ledger Accounting 52

Accounting Tools

JULY 27, 2023

Related Courses Credit and Collection Guidebook Bookkeeping Guidebook Budgeting CFO Guidebook Cost Accounting Fundamentals New Controller Guidebook Payables Management Payroll Management Project Accounting Someone wanting to enter the accounting field can choose to train for a number of possible positions.

General Ledger 40

General Ledger Accounting Accounting Financial Statements 40

Accounting Tools

MAY 3, 2024

Its main purpose is to remove a source of high-volume transactions from the general ledger , thereby streamlining it. The transaction number, account number, customer name, invoice number, and sales amount are typically stored in the sales journal for each sale transaction.

General Ledger 40

General Ledger Invoicing Bookkeeping Accounts Receivable 40

Jetpack Workflow

SEPTEMBER 1, 2024

This problem is all too common for many accounting firms and teams. Review and Adjust Financial Statements At the annual close, you need to thoroughly review the financial statements prepared by your bookkeeping team against the client’s general ledger accounts. Tax return preparation won’t begin until the new year.

General Ledger 52

General Ledger Financial Statements Accounting Accounting 52

Nanonets

MARCH 21, 2023

Accounts payable defined The accounts payable is an accounting term that refers to the money that a company owes to a vendor or a supplier – for having availed of their products or services. The account payable is recorded when an invoice is approved for payment. No code required. Book a 30-min live demo now.

Accounts Payable 52

Accounts Payable Accounts Payable AP General Ledger 52

Accounting Tools

JUNE 12, 2023

Audits have become increasingly common as the complexity of the two primary accounting frameworks , Generally Accepted Accounting Principles and International Financial Reporting Standards , have increased, and because there have been an ongoing series of disclosures of fraudulent reporting by major companies. Accounts payable.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76