Gaviti

NOVEMBER 21, 2024

Many businesses underestimate the importance of their accounts receivable (A/R) process, assuming they’ll “get paid eventually.” This mindset often leads to underinvestment in collections efforts, and when budget cuts are necessary, accounting departments like collections are typically the first affected. Want to learn more?

Accounts Receivable 96

Accounts Receivable Account Receivables Accounts Receivable Collections 96

Xero

JUNE 12, 2024

It was so exciting to demonstrate Just Ask Xero (JAX) live in front of an enthusiastic crowd of accountants and bookkeepers at Xerocon London today. We know that in accounting, there’s just no room for this kind of hallucination. These guardrails ensure Xero customers using JAX for accounting tasks can trust its precision and accuracy.

XERO 169

XERO Accounting Accounting Invoicing 169

Accounting Today

JULY 3, 2023

Ed Mendlowitz has reached a landmark in his weekly articles for Accounting Today.

Accounting 147

Accounting Accounting 147

Accounting Tools

JULY 21, 2024

What is Intercompany Accounting? Intercompany accounting is a set of procedures used by a parent company to eliminate transactions occurring between its subsidiaries. Related Article Intercompany Eliminations (podcast)

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Accounting Tools

AUGUST 8, 2024

How to Account for Foreign Exchange Foreign exchange accounting involves the recordation of transactions in currencies other than one’s functional currency. If it is not possible to determine the market exchange rate on the date of recognition of a transaction, the accountant uses the next available exchange rate.

Accounting 75

Accounting Accounting Account Receivables Accounts Receivable 75

Accounting Tools

JULY 16, 2024

What is Nonprofit Accounting? Nonprofit accounting refers to the unique system of recordation and reporting that is applied to the business transactions engaged in by a nonprofit organization. Nonprofit accounting employs the following concepts that differ from the accounting by a for-profit entity: Net assets.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

OCTOBER 23, 2024

How to Account for a Non Interest Bearing Note The holder of a non interest bearing note should recognize imputed interest income on the instrument. Record the interest income as a credit to interest income and a debit to an asset account for the investment in the note.

Accounting 75

Accounting Accounting 75

Accounting Tools

JULY 12, 2024

What is the Accounting for Derivatives? There are two key concepts in the accounting for derivatives. The essential accounting for a derivative instrument is outlined in the following bullet points: Initial recognition. Related Article Derivative Instruments

Accounting 75

Accounting Accounting Corporate Finance 75

Accounting Tools

JULY 15, 2024

What are the Basics of Cost Accounting? Cost accounting is the art of translating the costs incurred by a business into actionable analyses that can improve operations and profits. Here are several basic ways in which to use cost accounting: Activity-based costing. Constraint analysis. Contract costs. Cost reduction analysis.

Cost Accounting 73

Cost Accounting Accounting Accounting Billing 73

Accounting Tools

MAY 13, 2024

What is an Accounting Convention? An accounting convention is a common practice used as a guideline when recording a business transaction. It is used when there is not definitive guidance in the accounting standards that govern a specific situation.

Accounting 75

Accounting Accounting Financial Statements Bookkeeping 75

Blake Oliver

NOVEMBER 17, 2023

I'm published in the Journal of Accountancy! You can now read my article, "How artificial intelligence can help save accounting," on the JofA website. ? Highlights include: Insights on how GPT is reshaping routine accounting tasks. Examples of AI's applications in accounting and their impact.

Accounting 137

Accounting Accounting 137

oAppsNet

NOVEMBER 12, 2024

Accounts Payable (AP) fraud is like a hidden drain slowly sucking the lifeblood out of your business. This article will explore accounts payable fraud, its different forms, and how to spot it before it causes severe damage. What is Accounts Payable Fraud? Scary, right?

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Accounting Tools

JULY 12, 2024

What is Governmental Accounting? Governmental accounting maintains tight control over resources, while also compartmentalizing activities into different funds in order to clarify how resources are being directed at various programs. Some types of funds use a different basis of accounting and measurement focus. Debt service fund.

Accounting 75

Accounting Accounting Accruals Collections 75

Future Firm

FEBRUARY 8, 2024

Accountant soft skills are an often overlooked component of building a successful firm and career. Learn where to start in this article. The post The 9 Best Accountant Soft Skills to Master appeared first on Future Firm.

Accounting 98

Accounting Accounting 98

Accounting Tools

JULY 11, 2024

What is the Accounting for Supplies? The normal accounting for supplies is to charge them to expense when they are purchased, using the following journal entry. Also, charging supplies to expense allows for the avoidance of the fees charged by external auditors who would otherwise want to audit the supplies on hand asset account.

Accounting 75

Accounting Accounting Bookkeeping Accounts Payable 75

1st Step Accounting

FEBRUARY 11, 2024

Things like emails, tasks for our monthly projects and that also includes chart of account lists for the different types of clients we serve. Not only does this help me set up new accounts faster but another side benefit is that it helps me serve our clients better by having a streamlined review process for month-end close.

Accounting 86

Accounting Accounting QuickBooks Computation 86

Accounting Tools

JULY 8, 2024

How to Account for a Manufacturing Business The accounting for a manufacturing business deals with inventory valuation and the cost of goods sold. The number of cost pools should be minimized to reduce the amount of allocation work by the accountant. Related Articles Manufacturing Cost Accounting Total Manufacturing Cost

Accounting 76

Accounting Accounting General Ledger Cost Accounting 76

Accounting Tools

JULY 8, 2024

What is Cost Accounting? Cost accounting involves the recordation, analysis, and reporting of costs to management. The intent behind this type of accounting is to provide insights into the cost structure of a business that can be used to better manage it, thereby improving profitability.

Cost Accounting 75

Cost Accounting Accounting Accounting Budgeting 75

Accounting Tools

AUGUST 14, 2024

How to Account for Fair Value Fair value accounting uses current market values as the basis for recognizing certain assets and liabilities. The general intent of these levels of information is to step the accountant through a series of valuation alternatives, where solutions closer to Level 1 are preferred over Level 3.

Accounting 75

Accounting Accounting 75

Future Firm

DECEMBER 16, 2023

If you're striving for accounting work life balance, check out this article that lists 10 actionable tips & tricks to help get you there. The post Accounting Work Life Balance: 10 Tactics for Success appeared first on Future Firm.

Accounting 97

Accounting Accounting 97

Accounting Tools

MAY 10, 2024

What are Asset Accounts? Asset accounts store monetary information about a company’s resources. Assets can be subdivided into many accounts , depending on their nature and assumed holding periods. The ending balances in these accounts roll forward into the beginning balances for the following year. Bank deposits.

Petty cash 75

Petty cash Accounting Accounting Account Receivables 75

Counto

NOVEMBER 14, 2024

Live Accounting, Instant Insights: Welcome to the Future with Counto Bringing Real-Time Accounting into Focus As we push forward in redefining accounting , we’re excited to unveil a breakthrough that’s all about transparency, speed, and control: real-time status tracking for all your accounting needs with Counto.

Corporation Tax 52

Corporation Tax Accounting Accounting Invoicing 52

Accounting Tools

OCTOBER 1, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Nominal Account? A nominal account is one that is closed out at the end of each fiscal year. What is a Real Account? A real account carries forward its ending balance into the following year.

Accounting 76

Accounting Accounting Bookkeeping Accounts Payable 76

Accounting Tools

OCTOBER 25, 2023

Related Courses Bookkeeping Guidebook How to Audit Equity New Controller Guidebook What is the Accounting for Reserves? Reserve accounting is quite simple - just debit the retained earnings account for the amount to be segregated in a reserve account, and credit the reserve account for the same amount.

Accounting 75

Accounting Accounting Financial Statements Bookkeeping 75

CSI Accounting & Payroll

OCTOBER 13, 2023

If your construction company has a contract that rolls into a new year , you must accrue for the materials, revenue, and labor involved in the contract - even if you use cash basis accounting for your business. At CSI Accounting & Payroll, we've worked with construction companies for over 50 years. How do you do that?

Accruals 98

Accruals Accounting Accounting Payroll 98

Accounting Tools

OCTOBER 27, 2023

Related Courses Accountants’ Guidebook Cost Accounting Fundamentals There are a number of differences between cost accounting and financial accounting , which are noted below. Cost accounting involves the preparation of a broad range of reports that management needs to run a business.

Cost Accounting 75

Cost Accounting Financial Accounting Accounting Accounting 75

Accounting Tools

JULY 17, 2024

What is the Highest and Best Use in Accounting? Related AccountingTools Course Fair Value Accounting Related Articles Fair Market Value Market Value Maturity Value Value-in-Use The highest and best use concept is subject to the limitations noted below.

Accounting 73

Accounting Accounting 73

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

JULY 14, 2024

What are Income Statement Accounts? Income statement accounts are those accounts in the general ledger that are used in a firm’s profit and loss statement. These accounts are usually positioned in the general ledger after the accounts used to compile the balance sheet. Sales discounts. Cost of goods sold.

General Ledger 52

General Ledger Accounting Accounting Payroll 52

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. Related Articles Financial Records Records Management

General Ledger 75

General Ledger Accounting Accounting Financial Records 75

Accounting Tools

APRIL 6, 2024

What Does the Accounting Department Do? The accounting department is responsible for a large number of administrative functions within an organization. Though considered "back office" activities, these functions are essential to the proper operation of a business. They are as follows: Credit.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

JANUARY 2, 2024

What are Accounting Reports? Accounting reports are compilations of financial information that are derived from the accounting records of a business. More commonly, accounting reports are considered to be equivalent to the financial statements. Why are Accounting Reports Important?

Financial Statements 75

Financial Statements Accounting Accounting Budgeting 75

Accounting Tools

OCTOBER 28, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account Balance? An account balance is the current total in an account. General Ledger Account In accounting, the account balance is the current residual balance in an account.

General Ledger 75

General Ledger Accounting Accounting Account Reconciliation 75

Accounting Tools

MARCH 1, 2024

What is Tax Accounting? Tax accounting refers to the rules used to generate tax assets and liabilities in the accounting records of a business or individual. Tax accounting is derived from the Internal Revenue Code (IRC), rather than one of the accounting frameworks , such as GAAP or IFRS.

Tax 75

Tax Accounting Accounting Financial Statements 75

Accounting Tools

OCTOBER 18, 2024

What is Accounting Profit? Accounting profit is the profit of a business that includes all revenue and expense items mandated under an accounting framework. Examples of accounting frameworks are Generally Accepted Accounting Principles ( GAAP ) and International Financial Reporting Standards ( IFRS ).

Accounting 40

Accounting Accounting Accruals Financial Statements 40

Accounting Tools

APRIL 18, 2024

How to Account for a Contingency The accounting for a contingency is essentially to recognize only those losses that are probable and for which a loss amount can be reasonably estimated. Related Article Contingent Liability Do not make a retroactive adjustment to an earlier period to record a loss contingency.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

JUNE 12, 2023

Related Courses Accounting for Inventory How to Audit Inventory How to Account for a Consignment Consignment occurs when goods are sent by their owner (the consignor ) to an agent (the consignee ), who undertakes to sell the goods. If so, this is a debit to commission expense and a credit to accounts payable.

Accounting 75

Accounting Accounting Record Keeping Accounts Payable 75