Accounting Tools

AUGUST 6, 2023

Related Courses Credit and Collection Guidebook Effective Collections How to Audit Receivables The amount of uncollectible accounts receivable must be estimated in order to create an allowance for doubtful accounts. This estimate can be derived from the aged accounts receivable report, or by using a percentage of sales.

Accruals 40

Accruals Account Receivables Accounts Receivable Accounts Receivable 40

Nanonets

JUNE 17, 2023

How Does Account Reconciliation Work? How to Reconcile Accounts? The effectiveness of account reconciliation as an internal control measure is higher when the data being compared is from a third-party source, like a bank or credit card company. Furthermore, not all reconciling items necessitate adjustments to the balance.

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Jetpack Workflow

MARCH 21, 2023

There are several disadvantages to using spreadsheets for your bookkeeping: Excel requires a lot of manual work to enter accounting data. For businesses using the accrual method of accounting, it means double the work, entering data twice for every transaction. Track, reconcile, and manage inventory. Run payroll.

Bookkeeping 52

Bookkeeping Bank Reconciliation Reconciling Accounting Software 52

Billing Platform

FEBRUARY 1, 2024

Why Companies Have Unbilled Receivables In contrast to cash accounting, unbilled receivables is when the company is paid in advance and the amount is entered as an asset on the balance sheet. Let’s look at some of the most common reasons your business may have unbilled receivables.

Billing 52

Billing Account Receivables Accounts Receivable Accounts Receivable 52

Less Accounting

NOVEMBER 18, 2022

Start by reviewing all your transactions and reconciling them. From there take a look at your accounts receivable and accounts payable. Assess Your Bookkeeping System While you prepare for tax season, it may be a great time to evaluate if your business is best served by using cash basis or accrual accounting.

Tax 52

Tax Accruals CPA Bookkeeping 52

Accounting Tools

MAY 3, 2023

For example, if you accrue an expense, this also increases a liability account. The first is the accrual entry, which is used to record a revenue or expense that has not yet been recorded through a standard accounting transaction. Thus, adjusting entries impact the balance sheet , not just the income statement.

Accruals 40

Accruals General Ledger Bank Reconciliation Financial Statements 40

Jetpack Workflow

SEPTEMBER 1, 2024

Adjust entries for depreciation, accruals, and deferrals as necessary. Reconcile payroll data against your clients’ quarterly tax filings to ensure all data is accurate and complete. Adjust the general ledger as needed to close out the payroll account. Gather client payroll records for the year to get started.

General Ledger 52

General Ledger Financial Statements Accounting Accounting 52

Billing Platform

FEBRUARY 20, 2024

Deferred revenue (also called deferred income, unearned revenue, or unearned income) in accrual accounting is applied to payments received for products and/or services that have not yet been completely delivered. Billings affect the balance sheet (accounts receivable, deferred revenue, and cash balance).

Billing 52

Billing Accruals Invoicing Reconciling 52