Accounting Tools

MAY 14, 2023

Receivables Under the Accrual and Cash Basis of Accounting If the seller is operating under the cash basis of accounting , it only record transactions in its accounting records (which are then compiled into the financial statements ) when cash is either paid or received. We will illustrate these concepts below.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables General Ledger 75

Jetpack Workflow

SEPTEMBER 1, 2024

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. What to put on your checklist for this task: Compare financial statements with the general ledger.

General Ledger 52

General Ledger Financial Statements Accounting Accounting 52

Nanonets

APRIL 30, 2023

Payroll accounting follows the matching principle under accrual accounting. To follow the matching principles, businesses record payroll expenses to the accrual account until those items are paid out of the checking account. Step #4: Post Payroll After entering the journal entries, you must post them to the general ledger.

Payroll 52

Payroll General Ledger Accruals Accounting 52

Jetpack Workflow

MARCH 23, 2023

Complete Reconciliations for All Bank Accounts and Credit Cards A typical reconciliation process for bank accounts and credit cards includes looking for discrepancies between each account and its general ledger counterpart. However, this frequently doesn’t happen due to a lack of reconciling items.

Reconciling 52

Reconciling AR AP Payroll 52

Accounting Tools

MAY 3, 2023

Adjusting entries are journal entries recorded at the end of an accounting period to alter the ending balances in various general ledger accounts. 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. Why Make Adjusting Entries?

Accruals 40

Accruals General Ledger Bank Reconciliation Financial Statements 40

Billing Platform

JANUARY 31, 2023

Tasks like posting invoices, recording payments, reconciling balances, and managing disputed invoices. Enter the Invoice in the General Ledger: Once the invoice is approved, it is entered as a credit in the general ledger’s accounts payable account and classified as an ‘open invoice’.

Invoicing 52

Invoicing Accounts Payable Accounts Payable Invoice Processing 52

Nanonets

MARCH 12, 2024

Closing: The closing process is manual, with a checklist to ensure all financial activities for the period have been recorded and reconciled. This might include confirming all invoices have been issued and paid, expenses recorded, and necessary accruals made.

Financial Reporting 52

Financial Reporting Accounting Software Financial Statements Collections 52

Cloud Accounting Podcast

JUNE 28, 2020

If you've ever tried to get your clients' Stripe, Square, or PayPal transactions into QuickBooks or Xero, you've probably pulled your hair out a few times trying to get income and fees recorded correctly so that the deposit amounts match the bank statement so you can reconcile. They'll do cash, or accrual accounting.

Bookkeeping 40

Bookkeeping QuickBooks Payroll Auditing 40