Accounting Tools

OCTOBER 19, 2024

Credit memos Deposit slips Expense reports Invoices Material requisition forms Purchase orders Sales receipts Related AccountingTools Courses Accountants' Guidebook Bookkeeping Guidebook How to Conduct an Audit Engagement Records Management Source Document Retention It is usually necessary to retain source documents for several years.

Purchase Order 75

Purchase Order Deposits Auditing Expense Reports 75

Accounting Tools

SEPTEMBER 8, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash The ledger balance and available balance are terms used by a bank for the cash position of a checking account. The latter definition is more commonly used. The ledger balance is the balance available as of the beginning of the day.

Deposits 75

Deposits Bookkeeping Auditing Bank Reconciliation 75

Accounting Tools

MAY 14, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash What is a Bank Reconciliation? Bank Reconciliation Terminology The key terms to be aware of when dealing with a bank reconciliation are: Deposit in transit. A listing of uncleared checks and uncleared deposits will appear. Outstanding check.

Bank Reconciliation 75

Bank Reconciliation Deposits Reconciling Accounting Software 75

Accounting Tools

APRIL 11, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is a Proof of Cash? A proof of cash is essentially a roll forward of each line item in a bank reconciliation from one accounting period to the next, incorporating separate columns for cash receipts and cash disbursements.

Bank Reconciliation 75

Bank Reconciliation Deposits Reconciling Bookkeeping 75

Accounting Tools

MAY 14, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement What is an Audit Trail? An audit trail is the documented flow of a transaction. The audit trail can be used in reverse, to track backwards from a financial statement line item to the originating source document.

Auditing 40

Auditing Financial Statements Deposits Accounting 40

Accounting Tools

APRIL 10, 2023

Related Courses Corporate Cash Management Credit and Collection Guidebook Effective Collections How to Audit Cash What is a Post Dated Check? It is used when the issuer wants to delay payment to the recipient, while the recipient may accept it simply because the check represents a firm date on which it will be able to deposit the check.

Deposits 75

Deposits Financial Statements Collections Accounts Receivable 75

Accounting Tools

OCTOBER 23, 2023

Cash Receipts The bookkeeper records all customer payments in the accounting system, and then delivers the checks and cash to the bank, so that it can be deposited in the company’s checking account. This information must be sufficiently organized that the auditors can easily access information when they conduct the year-end audit.

Bookkeeping 75

Bookkeeping Financial Statements Payroll Deposits 75

Accounting Tools

JULY 21, 2024

What is a Bank Transfer Schedule in Auditing? Withdrawal and deposit dates should have been recorded in the same reporting period to avoid the double counting of cash. Kiting is occurring if the same cash deposit is appearing in two accounts at the same time. What is a Bank Transfer Schedule in Finance?

Deposits 40

Deposits Bank Reconciliation Auditing Accounts Payable 40

Blake Oliver

JANUARY 10, 2024

How to Qualify as a Professional Gambler There is no black-and-white definition of a professional gambler versus a recreational gambler. Thorough record-keeping is critical to validating one’s professional gambling status if audited. There is no need to worry about whether the client itemizes deductions or takes the standard deduction.

Tax 80

Tax Accounting Accounting Record Keeping 80

Accounting Tools

DECEMBER 28, 2023

Paychecks may be replaced by electronic payments, such as direct deposit , that send the pay amount directly into an employee’s bank account. Related AccountingTools Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management Related Articles Can Payroll Cards Replace Direct Deposit? Direct Deposit

Deposits 40

Deposits Payroll Auditing Accounting 40

Accounting Tools

APRIL 28, 2024

Customer deposits. Includes deposits received from customers for goods or services not yet delivered to them. Related AccountingTools Courses How to Audit Liabilities The Balance Sheet Related Article Liability Accounting Includes all taxes payable to the applicable government entities; examples are sales taxes and use taxes.

Deposits 40

Deposits Accounts Payable Accounts Payable Billing 40

Accounting Tools

OCTOBER 27, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What are Undeposited Checks? Undeposited checks are checks that have been received from customers , but not yet deposited. The checks are post dated , so the entity cannot yet deposit them.

Deposits 40

Deposits Bookkeeping Auditing Bank Reconciliation 40

Accounting Tools

AUGUST 24, 2023

Related Courses Bookkeeping Guidebook How to Audit Revenue Revenue Management Revenue Recognition What are Layaway Sales? Retailers routinely offer layaway sales arrangements to their customers , where customers are allowed to set aside specific items, usually in exchange for a layaway deposit.

Deposits 40

Deposits Bookkeeping Auditing Accounting 40

Accounting Tools

NOVEMBER 4, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is a Bank Reconciliation Statement? It itemizes the deposits, withdrawals, and other activities impacting the checking account for a one-month period. Add the total of all deposits in transit to the bank.

Bank Reconciliation 40

Bank Reconciliation Deposits Record Keeping Auditing 40

Accounting Tools

JULY 10, 2024

Smaller debits can be associated with the imposition of bank fees, such as for check printing, check processing, deposit processing, foreign transactions, minimum balances, monthly maintenance, not sufficient funds checks, and for the delivery of a paper statement.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Auditing 40

Accounting Tools

MARCH 30, 2023

Related Courses Corporate Cash Management How to Audit Cash What are Bank Errors? There are usually few bank errors, which are concentrated in the areas of incorrect check and deposit amounts. There are usually few bank errors, which are concentrated in the areas of incorrect check and deposit amounts.

Bank Reconciliation 40

Bank Reconciliation Deposits Auditing Accounting 40

Accounting Tools

NOVEMBER 5, 2023

Related Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash What is a Book Balance? Adjustments to Deposits The company may sometimes record a deposit incorrectly, or it may deposit a check for which there are not sufficient funds (NSF).

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Accounting Tools

OCTOBER 3, 2023

Related Courses Auditing Construction Contractors Construction Accounting Enterprise Risk Management What is a Payment Bond? A payment bond is a deposit that the winning bidder on a construction contract is required to post. If not, the bond is used to pay these third parties.

Deposits 40

Deposits Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 21, 2023

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is Lapping Fraud? Audit cash receipts transactions on a regular basis, as noted above. Stamp all checks with " For Deposit Only ," so that employees cannot deposit these checks to their own accounts.

Deposits 40

Deposits Accounts Receivable Accounts Receivable Account Receivables 40

Accounting Tools

MARCH 28, 2024

These two balances are rarely the same, due to such adjusting items as uncashed checks, deposits in transit , and bank account fees. Bank Balance The balance per books is the ending balance in the accounting records of an organization, while the bank balance is the ending cash balance in an organization’s bank account, according to its bank.

Bank Reconciliation 40

Bank Reconciliation General Ledger Deposits Auditing 40

Accounting Tools

OCTOBER 11, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is a Voided Check? Another use for a voided check is to set up direct deposit payments, usually for payroll payments from your employer into your checking account. What is a Voided Check for Direct Deposit?

Deposits 40

Deposits Payroll Bookkeeping Bank Reconciliation 40

Accounting Tools

MARCH 26, 2024

Related AccountingTools Courses Bank Reconciliation Essentials Corporate Cash Management How to Audit Cash Related Articles Bank Debits Debit Memo A bank charge is a fee assessed to an account by a financial institution.

Bank Reconciliation 40

Bank Reconciliation Deposits Auditing Accounting 40

Accounting Tools

MAY 13, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash What are Uncollected Funds? Uncollected funds are checks deposited with the payee 's bank that have not yet been paid by the bank on which the checks were drawn.

Deposits 40

Deposits Collections Bookkeeping Auditing 40

Accounting Tools

MARCH 28, 2024

There is typically a multi-day period between when a check is created and when it is presented for payment, which is caused by the time required for the postal service to deliver the check, as well as for the payee to deposit it. The check may also be delayed if the issuing entity puts off mailing the check for any reason.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Accounts Payable 40

Accounting Tools

JUNE 12, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash What is a Bank Statement? Any discrepancies may have arisen at the bank (such as a transposed number in a check payment or a deposit), for which the bank should be contacted at once to make an adjusting entry.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Bookkeeping 40

Accounting Tools

AUGUST 2, 2024

A cancelled check has passed through the entire set of payment activities, which include the following: Received by the payee Endorsed by the payee Deposited with the payee's bank Paid by the drawee bank to the payee bank Cash is paid into the payee's account by the payee bank Related AccountingTools Courses Corporate Cash Management How to Audit Cash (..)

Bank Reconciliation 40

Bank Reconciliation Deposits Auditing Accounting 40

Accounting Tools

FEBRUARY 15, 2024

Examples of Liability Accounts Samples of the types of liability accounts that a company may use are accounts payable , accrued liabilities , deferred revenue , interest payable , notes payable , taxes payable , customer deposits , and wages payable. Other liability accounts are more specific to certain industries.

General Ledger 40

General Ledger Accounting Accounting Deposits 40

Accounting Tools

NOVEMBER 8, 2023

Related Courses Bank Reconciliation Essentials How to Audit Cash Optimal Accounting for Cash What is a Bank Balance? There may also be timing differences that do not require journal entries , such as deposits in transit and uncashed checks. A bank balance is the ending cash balance appearing on the bank statement for a bank account.

Bank Reconciliation 40

Bank Reconciliation Deposits Auditing Accounting 40

Accounting Tools

FEBRUARY 15, 2024

A not sufficient funds check is a reconciling item on a bank reconciliation , since if you deposit a check, you assume that it has cleared the bank, whereas a not sufficient funds check has not cleared the bank, thereby reducing the on-hand cash balance.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Collections 40

Accounting Tools

JUNE 15, 2023

Related Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition What is Interest Revenue? For example, a company using the accrual basis of accounting purchases a certificate of deposit for $10,000 and earns 6% interest on it, which results in interest revenue of $600 after one year.

Accruals 40

Accruals Deposits Financial Statements Bookkeeping 40

Accounting Tools

JUNE 9, 2024

Create Payments The creation of payments usually involves entering the pay information into a computer system or sending it to a third-party payroll processor, which results in either paychecks , direct deposit payments, or payments into a payroll debit card.

Payroll 40

Payroll Deposits Computation Accounts Payable 40

Accounting Tools

APRIL 13, 2023

External auditors will likely want to use internally-prepared reconciliation statements as part of their auditing procedures , since the statements allow them to focus on reconciling items, especially in large-balance accounts that are materially significant components of the financial statements. Debt accounts.

Reconciling 40

Reconciling Bank Reconciliation Deposits Bookkeeping 40

Accounting Tools

APRIL 1, 2023

Audited financial statements. It is impossible to obtain an auditor’s opinion on the financial results of a business using a single entry system; the information must be converted to a double entry format for an audit to even be a possibility. Assets are not tracked, so it is easier for them to be lost or stolen.

Deposits 40

Deposits Record Keeping Bookkeeping Financial Statements 40

Accounting Tools

MARCH 29, 2024

Related AccountingTools Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Debit Memos as Internal Offsets If there is a small credit balance remaining in a customer account, a debit memo can be generated to offset it, which allows the accounting staff to clear out the balance in the account.

Billing 40

Billing Deposits Invoicing Accounts Receivable 40

Nanonets

SEPTEMBER 22, 2023

The information included on a  sales order  may extend beyond the order details, often including customer shipping information, deposit and balance information, and space for signatures. Deposit and Balance Details Indicates the amount of any deposit paid by the customer and provides information on any outstanding balance.

Invoicing 52

Invoicing Deposits Record Keeping Financial Records 52

Nanonets

MARCH 4, 2024

Remote Work Expenses New categories of expenses arising from remote work arrangements add complexity to policy definitions and reimbursements. Key Elements of an Effective Policy Every effective expense policy should have certain non-negotiable elements: Clear Definitions : What constitutes an 'expense'?

Expense Reports 52

Expense Reports Record Keeping Budgeting Data Entry 52

Gaviti

NOVEMBER 16, 2023

Proactively reaching out to customers with overdue invoices and prior, sending reminders before the due date offering incentives for early payments, and suggesting an upfront deposit are all different methods of proactively defending against delinquent accounts.

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables Accounting 52