Accounting Tools

APRIL 4, 2023

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is the Petty Cash Book? The petty cash book is a recordation of petty cash expenditures, sorted by date. In most cases, the petty cash book is an actual ledger book, rather than a computer record.

Petty cash 75

Petty cash General Ledger Record Keeping Computation 75

Accounting Tools

AUGUST 25, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Optimal Accounting for Cash What is a Cash Book? A cash book is a subsidiary ledger in which are stored all cash receipt and cash payment transactions. The information in the cash book is periodically aggregated and posted to the general ledger.

General Ledger 40

General Ledger Bank Reconciliation Bookkeeping Accounting 40

Accounting Tools

MARCH 28, 2024

What is Balance per Books? Balance per books is the ending balance of an account that appears in the general ledger. The concept is commonly used in regard to the ending cash balance, which is then compared to the cash balance in the monthly bank statement as part of a bank reconciliation.

Bank Reconciliation 40

Bank Reconciliation General Ledger Deposits Auditing 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses How to Audit Procurement Purchasing Guidebook What is a Purchases Day Book? A purchases day book is an accounting ledger in which purchasing transactions are recorded. This book is most commonly found in manual accounting systems , where purchases are recorded by hand in a ledger.

General Ledger 40

General Ledger Record Keeping Invoicing Auditing 40

Accounting Tools

JUNE 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are Books of Original Entry? Books of original entry refers to the accounting journals in which business transactions are initially recorded. Terms Similar to Books of Original Entry A journal may also be referred to as a day book.

General Ledger 40

General Ledger Record Keeping Reconciling Financial Statements 40

Accounting Tools

MAY 4, 2024

What is the Book Balance? The book balance is the in-house general ledger record of the same account. Comparing the Bank Balance and Book Balance There are multiple differences between the bank balance and book balance, which are as follows: Checks outstanding. Unrecorded fees.

General Ledger 40

General Ledger Bank Reconciliation Deposits Reconciling 40

Accounting Tools

OCTOBER 22, 2024

The total of the transactions in the subledger roll up into the general ledger. A summary-level entry is periodically recorded in the general ledger. In an accounting software package, a subledger is a database, rather than a manually-maintained book. Number of ledgers.

General Ledger 40

General Ledger Financial Statements Reconciling Bookkeeping 40

Remote Quality Bookkeeping

JUNE 11, 2024

With such a full plate, overseeing the financial books proved to be a particularly time-consuming and exhausting endeavor for McLaughlin. That’s a great sign that business was going well, but it must have only added to the complexity of keeping your books. We asked McLaughlin a few questions about her move to cloud bookkeeping.

Cloud Bookkeeping 52

Cloud Bookkeeping General Ledger Virtual Bookkeeping Bookkeeping 52

Bookkeeping Express

NOVEMBER 29, 2023

Update Your Transactions Whether through in-house efforts or outsourced bookkeeping services, bring your general ledger up to date. Once accomplished, generating a Profit and Loss statement aids in forecasting operational costs and identifies areas for cost reduction or potential investments. Preparing for tax season?

General Ledger 59

General Ledger Outsourced Bookkeeping Bookkeeping Services Bookkeeping 59

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Closing the Books Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. Posting is also used when a parent company maintains separate sets of books for each of its subsidiary companies.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

DECEMBER 28, 2023

A trial balance is an accounting report that states the ending balance in each general ledger account. The purpose of a trial balance is to ensure that all entries made into an organization's general ledger are properly balanced. A trial balance lists the ending balance in each general ledger account.

General Ledger 75

General Ledger Record Keeping Financial Statements Auditing 75

Accounting Tools

JUNE 12, 2023

A subsidiary ledger stores the details for a general ledger control account. Once information has been recorded in a subsidiary ledger, it is periodically summarized and posted to a control account in the general ledger , which in turn is used to construct the financial statements of a company.

General Ledger 75

General Ledger Bookkeeping Financial Statements Accounts Payable 75

Accounting Tools

OCTOBER 4, 2023

This journal is most commonly found in a manual accounting system , where it is necessary to keep high-volume purchasing transactions from overwhelming the general ledger. Periodically, and no later than the end of each reporting period , the information in the purchases journal is summarized and posted to the general ledger.

General Ledger 75

General Ledger Purchase Order Accounts Payable Accounts Payable 75

Nanonets

FEBRUARY 19, 2024

In this blog, we will explore the essential task of filling out receipt books, a foundational element of financial record-keeping for both small and large businesses. Documenting transactions in receipt books ensures accuracy in financial management, compliance with tax regulations, and the ability to resolve discrepancies with ease.

Record Keeping 52

Record Keeping Financial Records Tax General Ledger 52

Accounting Tools

MARCH 24, 2023

Related Courses How to Audit Liabilities Payables Management Before closing the books at the end of each reporting period , the accounting staff must verify that the detailed total of all accounts payable outstanding matches the payables account balance stated in the general ledger.

Reconciling 75

Reconciling Accounts Payable Accounts Payable General Ledger 75

Accounting Tools

OCTOBER 23, 2023

Thus, there is likely to be an outstanding account payable balance in the ledger at any time. If the purchasing volume is relatively low, then there is no need for a purchase ledger. Instead, this information is recorded directly within the general ledger.

General Ledger 67

General Ledger Accounts Payable Accounts Payable Purchase Order 67

Accounting Tools

AUGUST 6, 2023

Related Courses Closing the Books The Soft Close The Year-End Close What are Year-End Adjustments? Year-end adjustments are journal entries made to various general ledger accounts at the end of the fiscal year , to create a set of books that is in compliance with the applicable accounting framework.

General Ledger 75

General Ledger Accruals Billing Reconciling 75

Accounting Tools

JUNE 9, 2024

An extended trial balance is a standard trial balance to which are added columns extending to the right, and in which are listed the following categories: Initial balances per general ledger. These are the account totals as of the end of the accounting period , as compiled from the general ledger.

General Ledger 52

General Ledger Financial Statements Bookkeeping Accounting 52

Accounting Tools

MAY 19, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Ledger Account? A ledger account contains a record of business transactions. It is a separate record within the general ledger that is assigned to a specific asset, liability, equity item, revenue type, or expense type.

General Ledger 75

General Ledger Accounting Accounting Reconciling 75

Accounting Tools

JANUARY 18, 2024

In a smaller organization, users may believe that all of their business transactions are being recorded in the general ledger , with no storage of information in a journal. Companies with massive transaction volume may still use systems that require the segregation of information into journals.

General Ledger 75

General Ledger Financial Statements Bookkeeping Accounting 75

Accounting Tools

JUNE 19, 2023

Related Courses Bookkeeping Guidebook Closing the Books The Year-End Close What is a Post-Closing Trial Balance? Accounting software requires that all journal entries balance before it allows them to be posted to the general ledger , so it is essentially impossible to have an unbalanced trial balance.

General Ledger 75

General Ledger Computation Accounts Payable Accounts Payable 75

Accounting Tools

AUGUST 12, 2024

These additional entries are then entered in the general ledger , resulting in a completed trial balance. The working trial balance is useful for testing a complete set of adjusting entries to determine their impact on the financial statements, before actually making the entries in the general ledger.

General Ledger 40

General Ledger Financial Statements Bookkeeping Accounting Software 40

Nanonets

JUNE 14, 2024

Balance sheet reconciliation is a critical financial process that aligns the financial statements with external documentation such as bank statements, invoices, and general ledger entries. Note the balance as per the books recorded by your company at the end of the period. What is Balance Sheet Reconciliation?

General Ledger 52

General Ledger Reconciling Deposits Financial Statements 52

Accounting Tools

OCTOBER 26, 2023

A control account is a summary-level account in the general ledger. This account contains aggregated totals for transactions that are individually stored in subsidiary-level ledger accounts. The ending balance in a control account should match the ending total for the related subsidiary ledger.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

JULY 13, 2023

Related Courses Bookkeeping Guidebook Closing the Books The Year-End Close What is an Unadjusted Trial Balance? The unadjusted trial balance is the listing of general ledger account balances at the end of a reporting period, before any adjusting entries are made to the balances to create financial statements.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Accounting Tools

MAY 7, 2024

The trial balance is an accounting report that lists the ending balance in each general ledger account. Related AccountingTools Courses Bookkeeping Guidebook Closing the Books The Year-End Close How Do You Prepare a Trial Balance? What is a Trial Balance? The report summarizes all journal entries made, aggregated by account.

General Ledger 40

General Ledger Financial Statements Accruals Bookkeeping 40

Accounting Tools

JULY 16, 2024

How to Record an Accounting Transaction When an accounting transaction occurs, it can be recorded in the books of an organization in a number of ways. These recordation methods all create entries in the general ledger , or else in a subsidiary ledger that then rolls into the general ledger.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

APRIL 14, 2023

This ledger includes detailed information about each fixed asset, including the acquisition date, asset description, asset location, depreciation , disposition proceeds, purchase cost, and any subsequent capitalized additions to the asset.

General Ledger 40

General Ledger Auditing Accounting Accounting 40

Accounting Tools

APRIL 6, 2023

The voucher information may come from the petty cash book. The accounts payable staff forwards the petty cash reconciliation form to the general ledger accountant. If there is a petty cash book, the custodian enters the amount of the cash received in the book, and updates the running total of cash on hand.

Petty cash 40

Petty cash General Ledger Accounts Payable Accounts Payable 40

Nanonets

JUNE 18, 2024

Introduction to Account Reconciliation Account reconciliation is the critical process of comparing your general ledger with internal and external sources. Each balance should match its corresponding entry in the general ledger for any source.

Account Reconciliation 52

Account Reconciliation General Ledger Reconciling Accounting 52

Nanonets

JUNE 24, 2024

Credit card reconciliation is the process of ensuring that the credit card transactions match the internal general ledger. This is essential to ensure the validity of the credit card charges is reflected in the financial books. What is Credit Card Reconciliation? How to do Credit Card Reconciliation?

General Ledger 52

General Ledger Reconciling Data Entry Invoicing 52

Accounting Tools

AUGUST 19, 2024

Though expressed as a ratio, the asset coverage ratio really requires a set of formulation steps, which are as follows: Extract from the general ledger the ending balances of all assets. Subtract from the total of these assets the amounts recorded on the books for any intangible assets.

General Ledger 40

General Ledger Financial Statements Tax 40

Accounting Tools

JUNE 22, 2024

The cost of goods sold is subtracted from the reported revenues of a business to arrive at its gross margin ; the gross margin reveals the amount of profit generated prior to selling, general and administrative expenses. The cost of goods sold does not include any administrative or selling expenses.

General Ledger 98

General Ledger Accruals Cost Accounting Invoicing 98

Accounting Tools

NOVEMBER 8, 2023

How to Calculate the Asset Coverage Ratio Though expressed as a ratio, the asset coverage ratio really requires a set of formulation steps, which are as follows: Extract from the general ledger the ending balances of all assets. Subtract from the total of these assets the amounts recorded on the books for any intangible assets.

General Ledger 40

General Ledger Financial Statements Account Receivables Accounts Receivable 40

Nanonets

APRIL 17, 2024

At the heart of this reconciliation lies the creation of journal entries, which serve to align discrepancies between the company's books and the bank statement. Check out Nanonets Reconciliation where you can easily integrate Nanonets with your existing tools to instantly match your books and identify discrepancies.

Bank Reconciliation 52

Bank Reconciliation General Ledger Deposits Reconciling 52

Accounting Tools

MAY 21, 2023

Related Courses Closing the Books The Balance Sheet The Year-End Close The balance sheet is one of the three reports within the financial statements. If you are operating a manual system, then construct the trial balance by transferring the ending balance in every general ledger account to a spreadsheet.

General Ledger 75

General Ledger Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

SEPTEMBER 22, 2023

When there is evidence of an asset impairment, use the following procedure to record a reduction in its carrying amount in the accounting records : Step 1: Select Assets to Test The fixed asset accountant sorts the fixed asset register by carrying amount, which is the original book value minus depreciation and any prior impairment charges.

General Ledger 40

General Ledger Auditing Accounting Accounting 40