Accounting Tools

APRIL 4, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash A returned deposit arises when a company deposits a check with its bank, and the bank refuses to deposit the related amount of cash in the company's bank account.

Deposits 40

Deposits Bank Reconciliation Accounts Receivable Account Receivables 40

Accounting Tools

JULY 29, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Reconciling a bank statement involves comparing the bank's records of checking account activity with your own records of activity for the same account. If so, adjust your record of the deposit. To reconcile a bank statement, follow the steps noted below.

Reconciling 75

Reconciling Bank Reconciliation Deposits Auditing 75

Accounting Tools

JUNE 10, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash What is a Restrictive Endorsement? An example of a restrictive endorsement is the "For Deposit Only" stamp used by most companies on the back of a received check. Do not deposit it.

Deposits 75

Deposits Bookkeeping Auditing Bank Reconciliation 75

Accounting Tools

AUGUST 19, 2024

This scam requires the use of two banks, where checks are written against a checking account in one bank, and deposited in an account at a second bank. Deposit the fraudulent check in the checking account that was just opened. Create a checking account at a different bank. Withdraw the funds from the new checking account.

Deposits 74

Deposits Auditing Accounting Accounting 74

Remote Quality Bookkeeping

JANUARY 22, 2024

The word audit can be enough to elicit worry and consternation from business owners and employees alike. Of course, the purpose of an audit is not to poke and prod at one individual’s work. Of course, the purpose of an audit is not to poke and prod at one individual’s work. What Is an In-House Audit?

Auditing 52

Auditing Financial Statements Petty cash Outsourced Bookkeeping 52

Accounting Tools

APRIL 24, 2024

Related AccountingTools Courses Fraud Examination Fraud Schemes How to Audit for Fraud Optimal Accounting for Cash Intercept at Cashier The cashier can remove cash and simply not record the associated transaction in the accounting records. This theft can be prevented by having two people jointly open the mail.

Petty cash 74

Petty cash Deposits Auditing Billing 74

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

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

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

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 ledger balance is the balance available as of the beginning of the day. The latter definition is more commonly used.

Deposits 75

Deposits Bookkeeping Auditing Bank Reconciliation 75

Accounting Tools

AUGUST 14, 2024

When it comes time for the annual audit , the auditors will always examine the company's ending bank reconciliation as part of their testing procedures, so this is yet another reason to complete a reconciliation. Either you or the bank may have recorded a check or a deposit incorrectly. Demanded by auditors. Recording errors.

Bank Reconciliation 75

Bank Reconciliation Deposits Reconciling Auditing 75

Intuit

OCTOBER 23, 2024

Audit your subscriptions and cut the ones you’re not using enough to justify keeping. Also consider certificates of deposit (CDs). They require you to deposit a certain amount of money for a fixed period of time to earn a specified interest rate, offering a stable and predictable return.

Budgeting 130

Budgeting Deposits Billing Accounting 130

Nanonets

MAY 8, 2023

If a customer calls you and asks about their payment, can you see the date it was received and deposited? If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit.

Auditing 52

Auditing Accounts Payable Accounts Payable Purchase Order 52

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

CapActix

MARCH 12, 2025

Moreover, when audited, well-organized records prove to be lifesavers. With automated reconciliation, your ecommerce accounting services will reconcile sales, bank deposits, and expenses across Shopify, Etsy, eBay, and other channels so that every dollar is accounted for.

Accounting 52

Accounting Accounting Bookkeeping Services Bookkeeping 52

Analytix Finance & Accounting

MARCH 28, 2023

Consider this example: if you deposit funds during a high tax year and wait to make a withdrawal until taxes are lower, you are saving yourself from having to pay those higher taxes on all that money you deposited. This means that you always pay the current tax rate each time you deposit funds.

Deposits 98

Deposits Tax Payroll Billing 98

Less Accounting

AUGUST 1, 2024

These platforms offer features such as automated calculations, direct deposit capabilities, tax form generation, and compliance assistance. Implement Direct Deposit Paper paychecks are not only outdated but also less secure and efficient compared to direct deposit.

Payroll 59

Payroll Deposits Bookkeeping Auditing 59

Accounting Tools

DECEMBER 20, 2023

Related AccountingTools Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management Step 4. Pay by Direct Deposit Notify your direct deposit processor of the amount of any direct deposit payments, and issue remittance advices to employees for these payments.

Payroll 75

Payroll Deposits Accounting Accounting 75

Accounting Tools

JUNE 20, 2023

Related Courses Accounting for Intangible Assets Fixed Assets Accounting How to Audit Fixed Assets What are Assets? An asset is something that is expected to yield a benefit in a future period. If an asset is expected to be entirely consumed within the current period, then it is instead charged to expense in that period.

Computation 75

Computation Deposits Auditing Accounting 75

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

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

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

Nanonets

APRIL 15, 2024

It typically outlines outstanding checks, deposits in transit, bank fees, errors, and any other differences between the two sets of records.  This includes deposits, withdrawals, checks issued, electronic transfers, bank fees, interest earned, and any other relevant transactions. Bank Statement ).

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Accounting Tools

APRIL 7, 2024

Customer deposits. Related AccountingTools Courses How to Audit Liabilities The Balance Sheet Examples of Long-Term Liabilities The following are examples of long-term liabilities. Liabilities that have not yet been invoiced by a supplier, but which are owed as of the balance sheet date. Accrued wages. Warranty liability.

General Ledger 75

General Ledger Payroll Deposits Invoicing 75

Invoicera

NOVEMBER 14, 2024

Secure deposits upfront to lock in client commitments and set separate deadlines for the remaining balance. Designed with RIA compliance in mind, AdvicePay meets regulatory needs, so you stay audit-ready. Track your invoices live so you know exactly which ones are paid, unpaid, or overdue.

Financial Services 52

Financial Services Invoicing Billing Financial Reporting 52

Counto

OCTOBER 3, 2024

Direct Deposit Implement direct deposit for your employees. Example: A tech startup in Singapore switched to automated payroll, which streamlined tax calculations and ensured direct deposits, improving both employee satisfaction and operational efficiency.

Payroll 52

Payroll Deposits Auditing Tax 52

Blake Oliver

JANUARY 10, 2024

Thorough record-keeping is critical to validating one’s professional gambling status if audited. Accountants should inform clients to withdraw or deposit gambling funds directly from a bank account via ACH transfer. Simply filing taxes as a “pro” for the tax benefits without meeting these criteria can draw IRS scrutiny.

Tax 80

Tax Accounting Accounting Record Keeping 80

Accounting Tools

OCTOBER 25, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management How to Process Payroll The processing of payroll can produce errors in several places, which calls for a detailed process flow that also incorporates several controls. Deposit Taxes Deposit payroll taxes and verify their transmission to the government.

Payroll 71

Payroll Data Entry Deposits Tax 71

Nanonets

APRIL 17, 2024

Some other items that go into the journal are check printing charges, customer checks that were initially deposited but are subsequently returned due to insufficient funds (NSF), bank corrections addressing company errors, loan payments, and electronic deposits and withdrawals.

Bank Reconciliation 52

Bank Reconciliation General Ledger Reconciling Deposits 52

Invoicera

NOVEMBER 23, 2023

Regular Audits and Updates: A reputable expense management tool conducts regular security audits and updates to identify vulnerabilities and patch them promptly. Identifying Risks: Audits help in identifying potential risks, fraud, or errors, mitigating future financial issues. How often should financial audits be conducted?

Expense Reports 99

Expense Reports Auditing Invoicing Billing 99

Nanonets

JUNE 26, 2024

Cash that has been received and recorded by the company but has not yet been recorded on the bank statement is called " deposits in transit." For example, a deposit of $5,000 on June 1st and a check #123 for $1,000 on June 3rd. Step #3 Identify items that have hit the company records but are missed on the bank statement.

Bank Reconciliation 52

Bank Reconciliation General Ledger Deposits Reconciling 52

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

Outsourced Bookeeping

FEBRUARY 20, 2025

The automated features of payroll systems assist with calculations, tax deductions, and direct deposit functions. Enables Direct Deposit and Payment Flexibility Traditional payroll processing often involves writing and distributing paper checks, which can be time-consuming and prone to errors.

Payroll 52

Payroll Outsourced Bookkeeping Deposits Tax 52

Nanonets

APRIL 2, 2024

  The bank reconciliation process involves several steps: Gathering Necessary Documents: Collecting bank statements, checkbooks, deposit slips, and invoices, bills, and receipts for comparison. Identifying and Investigating Discrepancies: Searching for missing deposits or unauthorized charges, and contacting the bank if needed.

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Accounting Tools

NOVEMBER 26, 2023

Related AccountingTools Courses Fraud Schemes Payroll Management Ghost Employee Fraud The payroll staff either creates a fake employee (or “ ghost employee ”) in the payroll records or prolongs the pay of an employee who has just left the company, and alters the payment record so that the direct deposit payment or paycheck is made out to them.

Payroll 74

Payroll Deposits Auditing Accounting 74

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

JULY 15, 2024

Related AccountingTools Courses Bank Reconciliation Essentials Bookkeeping Guidebook How to Audit Cash Step 4. Update Deposits in Transit Go to the deposits section of the bank reconciliation module. The system will display a list of deposits in transit. Record this deposit in the company's records. Service fees.

Bank Reconciliation 40

Bank Reconciliation Deposits Reconciling Accounting Software 40