Xero

MAY 13, 2024

Process any outstanding superannuation payments To claim a deduction on superannuation accruals submitted via auto super for the current financial year, super batches should be approved no later than 2:00pm AEST, 18 June 2024. For guidance on reviewing payroll transactions at EOFY, take a look at this support article in Xero Central.

XERO 261

XERO Payroll General Ledger Reconciling 261

Xero

MAY 16, 2023

Process any outstanding superannuation payments To claim a deduction on superannuation accruals submitted via auto super for the current financial year, super batches should be approved no later than 2:00pm AEST, 14 June 2023. For guidance on reviewing payroll transactions at EOFY, take a look at this support article in Xero Central.

XERO 55

XERO Payroll General Ledger Reconciling 55

Xero

MAY 17, 2022

We havet a support article available in Xero Central that provides some useful information about reviewing your payroll transactions at the end of the financial year. For more information, read our helpful article on how to adjust the lump sum value for unused leave. And that’s a wrap!

Payroll 246

Payroll General Ledger XERO Reconciling 246

Accounting Tools

JUNE 9, 2024

What is an Over Accrual? An over accrual is a situation where the estimate for an accrual journal entry is too high. This estimate may apply to an accrual of revenue or expense. Thus: If there is an over accrual of $500 of revenue in January, then revenue will be too low by $500 in February.

Accruals 40

Accruals Accounts Payable Accounts Payable Billing 40

Counto

MARCH 20, 2024

Cash vs Accrual Accounting: Which is Better? The choice between cash and accrual accounting can significantly impact how businesses manage their finances. Accrual Basis Accounting Accrual accounting focuses on when revenue is earned and expenses are incurred, regardless of cash flow.

Accruals 52

Accruals Accounting Accounting Accounts Payable 52

Accounting Tools

JULY 13, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is an Accrual? An accrual allows a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period. It is an essential element of the accrual basis of accounting.

Accruals 40

Accruals Financial Statements Bookkeeping Billing 40

Accounting Tools

SEPTEMBER 2, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accruals Concept in Accounting? An accrual is a journal entry that is used to recognize revenues and expenses that have been earned or consumed, respectively, and for which the related cash amounts have not yet been received or paid out. Sales accrual.

Accruals 40

Accruals Financial Statements Invoicing Bookkeeping 40

Accounting Tools

JUNE 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accrual Basis? Accrual basis is a method of recording accounting transactions for revenue when earned and expenses when incurred. The alternative method for recording accounting transactions is the cash basis.

Accruals 40

Accruals Financial Statements Bookkeeping Invoicing 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management A benefits accrual occurs when a benefit-related expense is recognized despite the absence of a supplier invoice. This approach is required under the accrual basis of accounting. This approach is required under the accrual basis of accounting.

Accruals 40

Accruals Accounting Accounting Payroll 40

Accounting Tools

SEPTEMBER 2, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accrual Principle? The accrual principle is the concept that you should record accounting transactions in the period in which they actually occur, rather than the period in which the cash flows related to them occur.

Accruals 40

Accruals Accounts Receivable Account Receivables Accounts Receivable 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What is a Wage Accrual? The accrual entry shown below is a simple one, because you typically clump all payroll taxes into a single expense account and offsetting liability account.

Accruals 40

Accruals Payroll Auditing Tax 40

Accounting Tools

JUNE 5, 2024

What is an Accrual? An accrual allows a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period. It is an essential element of the accrual basis of accounting. Its accountant records an accrual of $500 to record the associated liability in the current month.

Accruals 40

Accruals Financial Statements Bookkeeping Invoicing 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses Bookkeeping Guidebook Human Resources Guidebook Payroll Management Accounting for a Bonus Accrual A bonus expense should be accrued whenever there is an expectation that the financial or operational performance of a company at least equals the performance levels required in any active bonus plans.

Accruals 40

Accruals Payroll Tax Bookkeeping 40

Accounting Tools

JULY 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Accrual Accounting? Accrual accounting is the recording of revenue when earned and expenses when incurred. Accrual accounting results in the most accurate picture of how well a business is actually performing.

Accruals 40

Accruals Accounting Accounting Financial Statements 40

Accounting Tools

OCTOBER 23, 2023

Related Courses Governmental Accounting What is Modified Accrual Accounting? Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting. The standards for modified accrual accounting are set by the Government Accounting Standards Board (GASB).

Accruals 40

Accruals Accounting Accounting Financial Statements 40

Accounting Tools

MAY 24, 2023

Related Courses Closing the Books The Year-End Close The Soft Close What is an Accrual-Type Adjusting Entry? An accrual-type adjusting entry is a journal entry recorded at the end of a reporting period that alters the amount of revenues or expenses recorded in the income statement.

Accruals 40

Accruals Invoicing Accounting Accounting 40

Accounting Tools

AUGUST 5, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Reasons for Monthly Accruals Accruals allow a business to record expenses and revenues for which it expects to expend cash or receive cash, respectively, in a future period. Related Articles The Difference Between Accruals and Deferrals What Is an Over Accrual?

Accruals 40

Accruals Financial Statements Bookkeeping Billing 40

Accounting Tools

DECEMBER 18, 2023

What is an Accrual? An accrual is an expense that has been recognized in the current period for which a supplier invoice has not yet been received, or revenue that has not yet been billed. When an accrual is created, it is typically with the intent of recording an expense on the income statement. What is an Under Accrual?

Accruals 40

Accruals Billing Bookkeeping Invoicing 40

Counto

MARCH 24, 2025

Here are some articles you might find helpful: Cash Vs. Accrual Accounting: Which Method Suits Your Small Business? Get expert support and direct access to your Customer Success Manager via SMS for any questions. Ready to get started? Chat with us now, email hello@mycounto.com , or use our contact form.

Payroll 52

Payroll Deposits Accruals Small Business Accounting 52

FinOps in Practice

AUGUST 9, 2023

Amortized costs AWS Amortized costs, in turn, represent a whole different approach to cloud cost monitoring, showing your spending on an accrual basis rather than a cash basis. MRR (Monthly Recurring Revenue) is calculated using the accrual basis of accounting. The solution is fully available under Apache 2.0 on GitHub → [link] ?

FinOps 130

FinOps FinOps Accruals Billing 130

Accounting Tools

MAY 21, 2023

Accrual Basis Accounting Under the accrual basis of accounting , you record revenues and expenses as they are earned or incurred, irrespective of changes in cash. Contains the same information under cash basis, modified cash basis, and accrual basis accounting. Used under the accrual basis. Used under the accrual basis.

Accruals 76

Accruals Accounts Payable Accounts Payable Accounts Receivable 76

Accounting Tools

MAY 24, 2023

This enhanced closing speed comes at a cost, for the accuracy of the financial statements is reduced by the various revenue and expense accruals that are normally included in a more comprehensive close. This means that the results reported through a soft close can be materially inaccurate.

Accruals 75

Accruals Financial Statements Account Reconciliation Auditing 75

Accounting Tools

JULY 11, 2023

Multiply the ending number of accrued vacation hours by the employee's hourly wage rate to arrive at the correct accrual that should be on the company's books. If the amount already accrued for the employee from the preceding period is lower than the correct accrual , then record the difference as an addition to the accrued liability.

Accruals 75

Accruals Payroll Accounting Accounting 75

Accounting Tools

JULY 20, 2023

This amount is generally calculated using the accrual basis of accounting , under which expenses are recognized at the same time as the revenues to which they relate. Net cash flow is calculated by determining changes in ending cash balances from period to period, and is not impacted by the accrual basis of accounting.

Accruals 75

Accruals Deposits Financial Analysis Financial Statements 75

Accounting Tools

OCTOBER 19, 2024

It is commonly used in situations when either revenue or expenses were accrued in the preceding period, and the accountant does not want the accruals to remain in the accounting system for another period. The reversing entry typically occurs at the beginning of an accounting period. Conduct account reconciliations.

Accruals 75

Accruals Account Reconciliation Invoicing Billing 75

Accounting Tools

AUGUST 6, 2023

Related Articles Accrual Basis of Accounting Cash Basis vs. Accrual Basis Accounting Double Entry System How to Convert Accrual Basis to Cash Basis Accounting How to Convert Cash Basis to Accrual Basis Accounting The Basis of Accounting

Accruals 75

Accruals Financial Statements Bookkeeping Accounts Payable 75

Accounting Tools

OCTOBER 25, 2023

If we assume that the "accounting" breakeven point refers to the accrual basis of accounting , then the fixed cost portion of the breakeven calculation should include all expense accruals normally required under the accrual basis of accounting. Related Articles Breakeven Point Margin of Safety

Accruals 75

Accruals Accounting Accounting Financial Analysis 75

Accounting Tools

MAY 21, 2023

Second, it does not necessarily match cash flows , since a variety of accruals required under accrual accounting can cause major divergences between profit or loss figures and cash flows. And third, it is easily adjusted with accounting chicanery, such as using aggressive accruals or altering accounting policies.

Accruals 75

Accruals Financial Statements Tax Accounting 75

Accounting Tools

OCTOBER 4, 2023

If an entity is recording its business transactions under the accrual basis of accounting , it is quite possible that the profitability condition will not be matched by the cash flows generated by the organization, since some accrual-basis transactions (such as depreciation ) do not involve cash flows.

Accruals 75

Accruals Financial Statements Tax Accounting 75

Accounting Tools

MAY 7, 2024

Its results can vary from those of an income statement prepared under the accrual basis of accounting. Related Articles How Sales Commissions are Reported in the Income Statement How the Balance Sheet and Income Statement are Connected The Purpose of the Income Statement

Accruals 98

Accruals Financial Statements Accounting Accounting 98

Accounting Tools

AUGUST 6, 2023

Examples of Year-End Adjustments Examples of the many types of year-end adjustments are as follows: Accrual of expenses for which supplier invoices have not yet been received. Accrual of payroll expenses for hours worked that have not yet been paid. Accrual of revenue that has been earned but not yet billed.

General Ledger 75

General Ledger Accruals Billing Reconciling 75

Accounting Tools

JUNE 11, 2023

Practical Application of Accrued Expenses Realistically, the amount of an expense accrual is only an estimate, and so is likely to be somewhat different from the amount of the supplier invoice that arrives at a later date. Income taxes are typically retained as accrued expenses until paid, which may be at the end of a quarter or year.

Accruals 75

Accruals Accounts Payable Accounts Payable Invoicing 75

Accounting Tools

JULY 8, 2024

If so, they must be recorded under the accrual basis of accounting so that the full amount of compensation expense is recognized during the reporting period. An accrual entry is not necessary if the amount of unpaid wages is immaterial; in this case, the expense is recorded when the wages are paid.

Payroll 75

Payroll Accruals Accounting Accounting 75

Accounting Tools

SEPTEMBER 11, 2023

Alternatively, under the accrual basis of accounting , a transaction is recorded when revenue is realized or when an expense is incurred, irrespective of the flow of cash. Related Articles Accounting Transaction Recording Transactions The Transaction Approach Types of Transaction Cycles in Accounting

General Ledger 75

General Ledger Accruals Financial Statements Bookkeeping 75

Accounting Tools

JULY 26, 2023

Accruals Concept Revenue is recognized when earned, and expenses are recognized when assets are consumed. Auditors will only certify the financial statements of a business that have been prepared under the accruals concept. These basic accounting concepts are noted below.

Financial Statements 76

Financial Statements Accruals Accounting Accounting 76

Accounting Tools

MAY 21, 2023

The adjustments are primarily used under the accrual basis of accounting. Related Articles Accounting Adjustments Accrual-Type Adjusting Entries Deferral-Type Adjusting Entries Prior Period Adjustment Recording Transactions Types of Adjusting Entries

Accruals 75

Accruals Accounting Accounting Billing 75

The Institute of Financial Operations

JULY 12, 2021

Article by: Get in Touch Contact Us (407) 351-3322 info@financialops.org Who We Are About Terms of Service Privacy Policy Follow Us Facebook LinkedIn

Accounts Payable 130

Accounts Payable Accounts Payable Auditing Accounting 130