Accounting Tools

JULY 21, 2024

What is Intercompany Accounting? Intercompany accounting is a set of procedures used by a parent company to eliminate transactions occurring between its subsidiaries. For example, if one subsidiary has sold goods to another subsidiary, this is not a valid sale transaction from the perspective of the parent company, since the transaction occurred internally.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Insightful Accountant

JULY 21, 2024

Last month, QuickBooks released an expanded prepayment feature to permit the recording of prepayments against estimates as well as sales orders.

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QuickBooks 52

Accounting Tools

JULY 21, 2024

What is a Balance Sheet Template? A balance sheet contains the ending balances in the asset , liability , and shareholders' equity accounts as of the balance sheet date. This financial statement provides a view of the financial position of an entity as of a specific point in time. From top to bottom, the template for a balance sheet is comprised of a header block, asset block, and liabilities and shareholders' equity block.

Financial Statements 52

Financial Statements Accounts Payable Accounts Payable Invoicing 52

IMA's Count Me

JULY 21, 2024

Join Adam Larson as he chats with Luke Deka , the Chief Executive Officer and Founder of Growbots , about overcoming outbound sales challenges in small and medium-sized businesses. Luke shares his wealth of expertise, offering practical advice for accountants looking to move beyond referrals and confidently approach outbound sales. In this episode, you’ll learn: How to transition from referral-based growth to proactive outreach Effective techniques to stand out in today's digital marketplace The

Accounting 45

Accounting Accounting 45

Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting

Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical

Accounting Tools

JULY 21, 2024

What is a Budget Planning Calendar? A budget planning calendar is a schedule of the dates by which budget information must be submitted by department managers. The calendar also contains the dates of budget meetings, such as initial planning meetings and subsequent review meetings. The planning calendar typically covers at least two months and may extend up to four months, so that all budgeting activities can be addressed by the end of the fiscal year.

Budgeting 40

Budgeting 40

Accounting Tools

JULY 21, 2024

What is a Budget Manual? A budget manual contains a set of instructions, showing department managers how to prepare their budgets for the upcoming year. Using a manual standardizes the information that is prepared for the accounting department, while also clarifying the timing for when budget information is supposed to be submitted for review. When to Use a Budget Manual Budget manuals are most commonly used in larger organizations where there is a high degree of complexity, requiring more coord

Budgeting 40

Budgeting Accounting Accounting 40

Accounting Tools

JULY 21, 2024

What is the Base Stock Method in Inventory Accounting? The base stock method is a valuation technique for the inventory asset, where the minimum amount of inventory needed to maintain operations is recorded at its acquisition cost, while the LIFO method is applied to all additional inventory. This approach is not acceptable under generally accepted accounting principles.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JULY 21, 2024

What is a Bargain Renewal Option? A bargain renewal option is a clause in a lease agreement that gives the lessee the option to extend the term of the lease at a rate that is substantially lower than the going market rate. Many lessees who want to remain in their leased premises for an extended period of time will negotiate for a bargain renewal option.

Accounting 40

Accounting Accounting 40

Accounting Tools

JULY 21, 2024

What is a Bargain Purchase Option? A bargain purchase option is a clause in a lease agreement that allows the lessee to purchase the leased asset for substantially less than its fair market value as of the termination date of the lease. The purchase price is set sufficiently low that there is a reasonable expectation that the lessee will exercise the option and purchase the leased asset.

Accounting 40

Accounting Accounting 40

Accounting Tools

JULY 21, 2024

What is a Bank Transfer Schedule in Auditing? A bank transfer schedule is used by auditors to test for the existence of kiting by a client. The schedule lists the details of all transfers to and from a client’s banks, as well as between the client’s banks. Withdrawal and deposit dates should have been recorded in the same reporting period to avoid the double counting of cash.

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Deposits Bank Reconciliation Auditing Accounts Payable 40

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

Accounting