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

NOVEMBER 1, 2023

Reconciling a bank statement , which likely produces adjustments to the cash account. Tax reports are issued to several government entities. The reports provide detail regarding the amounts paid for income taxes , property taxes, sales taxes , use taxes , and so forth.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

OCTOBER 9, 2023

Step 6: Reconcile Bank Accounts Conduct a bank reconciliation , and create journal entries to record all adjustments required to match the accounting records to the bank statement. Step 7: Post Account Balances Post all subsidiary ledger balances to the general ledger. Repeat until all errors have been corrected.

Financial Statements 75

Financial Statements General Ledger Bank Reconciliation Invoicing 75

accountingfly

APRIL 11, 2024

Client-facing, experienced in client management and development Client niches: medical, dental, and legal practices, small businesses, real estate, entertainers and hospitality, estates, trusts, S Corps, partnerships, and sole proprietorships Tech Stack: Drake, LaCerte, ProSystems Tax and Engagement, QuickBooks, etc.

General Ledger 64

General Ledger Financial Statements Accounting Accounting 64

Nanonets

JANUARY 31, 2024

It involves recording, reviewing, and reconciling records at the end of every month. It’s a crucial step to ensure that you prepare an accurate set of statements for financial reporting, planning, and tax compliance. Now find the corresponding type in your bank statement and mark them as reconciled or “not found.”

General Ledger 52

General Ledger Bank Reconciliation Reconciling Deposits 52

Nanonets

APRIL 12, 2024

Here are some examples: · Bank Statements · Credit Card Statements · Vendor Invoices · Customer Invoices · Loan Agreements · Lease Agreements · Insurance Policies · Government Tax Notices. Once identified, these discrepancies are investigated and reconciled to bring the two balances into agreement.

Bank Reconciliation 52

Bank Reconciliation General Ledger Reconciling Deposits 52

Future Firm

NOVEMBER 9, 2022

Manually reconciling bank statements. A report by Oxford University concluded that there was a 99% chance that tax preparers’ jobs would be automated and a 98% chance that it will happen to bookkeepers and accountants. We rely on bank and credit card transaction data to help us reconcile a set of accounts. Easy peasy!

Accounting 98

Accounting Accounting Accounts Payable Accounts Payable 98

Accounting Tools

MAY 14, 2023

The invoice describes the goods or services that have been sold to the customer, the amount it owes the seller (including sales taxes and freight charges), and when it is supposed to pay. The accounting staff should reconcile the two as part of the period-end closing process. We will illustrate these concepts below.

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable General Ledger 75

Nanonets

JUNE 26, 2024

A bank reconciliation statement is a financial document that compares a company's bank account balance to the transactions recorded on its general ledger, often called the "cash books." Basically, you’re recording a change to the cash accounts in your general ledger.

Bank Reconciliation 52

Bank Reconciliation General Ledger Deposits Reconciling 52

Nanonets

FEBRUARY 6, 2024

This is essential for financial reporting and tax compliance. Determine the scope of your work and gather documents like general ledger/invoice/bank statements, etc. An account is considered reconciled when all the internal transactions can cancel out each other. Reconciliation will help align the two sub-ledgers.

General Ledger 52

General Ledger Financial Statements Reconciling Collections 52

Nanonets

MAY 7, 2023

It's important to reconcile your credit card statements because it helps you make sure that: When it arrives, you have enough money in your checking account to pay the amount due on your statement. This is important for tax purposes and financial reporting. Why is reconciling credit cards difficult?

Bank Reconciliation 52

Bank Reconciliation General Ledger Reconciling Accounts Receivable 52

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

Accounting Tools

JULY 27, 2023

It also reconciles general ledger accounts. This position also handles sales taxes and income taxes. General Ledger Clerk The general ledger clerk position records all journal entries in the general ledger, and reconciles all accounts.

General Ledger 40

General Ledger Accounting Accounting Financial Statements 40

Nanonets

APRIL 1, 2024

It provides advanced features like multi-entity support, global tax compliance, and supplier onboarding but has a higher price tag and longer implementation times. Automatically uses your bank statements and general ledger data to perform an automated reconciliation of your financial transactions. Automated workflows 4.5

AP 98

AP Accounts Payable Accounts Payable Invoicing 98

Future Firm

MAY 24, 2023

Take all of your accounting functions into the cloud, not just your general ledger. Tip 3: Opt for Cloud Tax Software All the benefits that I listed for cloud services apply to tax software as well. Sniff out a cloud-based solution for tax software available in your jurisdiction and get it implemented.

Accounting 98

Accounting Accounting Computation XERO 98

Nanonets

JULY 21, 2023

To ensure the integrity of financial data, accountants and bookkeepers rely on the general ledger account reconciliation process. This process involves comparing general ledger accounts with supporting documents using reconciliation software to identify discrepancies and take corrective measures.

General Ledger 52

General Ledger Account Reconciliation Reconciling Financial Reporting 52

Nanonets

FEBRUARY 14, 2024

In the world of business, keeping track of money matters is crucial, and that's where General Ledger Codes, or GL Codes, come into play. GL Codes are not just about keeping things neat; they're about making smarter financial decisions, simplifying tax time, and ensuring your business runs smoothly. What are GL Codes?

General Ledger 52

General Ledger Accounts Payable Accounts Payable Accounting Software 52

Jetpack Workflow

AUGUST 24, 2023

Reconcile Cash and Receipts At the end of each day, reconcile all cash payments and payment receipts received in the general ledger to get a good idea of each client’s cash balance. Reconciling these accounts with month-end data gives you a real-time view of a client’s cash balance.

Reconciling 52

Reconciling Accounting Accounting Payroll 52

Accounting Tools

JULY 28, 2023

This may include the following types of payments: ACH payments Check payments Petty cash payments Wire transfers Incorporate all applicable supplier credits into payments made Research supplier requests for payment Process value-added tax reclamations Monitor supplier W-9 form submissions Issue positive pay data to the bank Update the supplier master (..)

Petty cash 40

Petty cash General Ledger Purchase Order Reconciling 40

Jetpack Workflow

MARCH 23, 2023

While the year-end closing process is familiar to most due to tax reporting, it’s not the only necessary period-end process a business should have. The month-end closing process is just as essential, especially if you want to avoid the headache and overwhelm of last-minute error corrections spanning months during tax seasons.

Reconciling 52

Reconciling AR AP Payroll 52

Nanonets

NOVEMBER 30, 2023

  Reconcile payments and accounts payable balances to the general ledger.    Benefits:  AP automation systems automatically reconcile payments and accounts payable balances.   Automate digital 2 or 3-way matching of invoices with purchase orders and receiving documents.

Accounts Payable 52

Accounts Payable Accounts Payable AP Purchase Order 52

Bookkeeping Express

APRIL 26, 2023

Our blogs regularly detail how professional bookkeeping can help businesses survive and thrive beyond simply recording transactions and preparing tax filings, like driving profitability with financial reporting , forecasting cash flow , and optimizing your accounts receivable. To list just a few: Accounts receivable reconciliation.

Bookkeeping 52

Bookkeeping Purchase Order General Ledger Reconciling 52

Accounting Tools

AUGUST 23, 2023

Reconcile the balance in the fixed asset subsidiary ledger to the summary-level account in the general ledger. Prepare property tax returns. Track the compilation of project costs into fixed asset accounts, and close out those accounts once the related projects have been completed.

General Ledger 40

General Ledger Accounting Accounting Reconciling 40

Nanonets

MARCH 21, 2023

It’s recorded in the General Ledger (or AP sub-ledger) as an outstanding payment or liability until the amount is paid. The AP team is responsible for receiving, verifying, coding, approving, paying and reconciling vendor invoices.   It is a form of credit offered by the vendor or supplier.

Accounts Payable 52

Accounts Payable Accounts Payable AP General Ledger 52

Nanonets

APRIL 30, 2023

These regulatory agencies control the amount of taxes withheld, how benefits and garnishments are paid and record retention requirements. First, it helps you carefully track expenses associated with payroll, including gross wages, employer taxes, and benefits offered. Payroll accounting increases your chances of proper classification.

Payroll 52

Payroll General Ledger Accruals Accounting 52

Less Accounting

FEBRUARY 16, 2023

Recording transactions, Managing accounts receivable and payable, Monitoring the cash flow, Reconciling bank accounts, Creating journal entries, Issuing invoices, Payroll tax preparation, income tax, sales tax, tax return, etc. A full-charge bookkeeper is not a certified public accountant.

Bookkeeping 52

Bookkeeping Certified Bookkeeper General Ledger Bookkeeping Services 52

Nanonets

FEBRUARY 21, 2024

Without this process, such discrepancies could corrupt the general ledger (GL) and financial statements, leading to poor decision-making and potential harm to the company’s reputation. Comparing and reconciling differences between totals based on individual receipts and those based on the cash register summary.

Financial Statements 52

Financial Statements Collections Financial Records Reconciling 52

Nanonets

OCTOBER 18, 2024

5 Tipalti Midmarket + Enterprise Global payments automation with tax compliance 4.5/5 This forces businesses to manually reconcile POs with invoices, slowing the process and increasing errors. These systems can automatically handle real-time currency conversions, validate taxes, and reduce manual errors. 

AP 52

AP Invoice Processing Accounts Payable Accounts Payable 52

Billing Platform

JULY 5, 2023

Some of the most common revenue management reports include general ledger, tax calculation, revenue assurance used for ASC 606 and IFRS15 adherence, and debt management. Business Intelligence: Analytics is used to provide a variety of reports, as well as dashboards for real-time insights.

Billing 52

Billing General Ledger Collections Reconciling 52

Nanonets

MAY 8, 2023

Worst case – your business may not survive a financial audit at tax time without the proper records. Each transaction has two parts: A part that is recorded in the general journal: the log of all transactions over all accounts; The record for each separate account is a part recorded in the ledger.

Bookkeeping 52

Bookkeeping Financial Statements Accounting Software Reconciling 52

Billing Platform

JANUARY 17, 2023

By automating revenue recognition you’re able to streamline revenue management to allocate, reconcile, monitor, and recognize revenue for any pricing model, billing approach, or promotional offer – speeding the close process.

Billing 52

Billing Microsoft Excel General Ledger Collections 52

Billing Platform

JUNE 27, 2023

Invoices must include all the necessary information like: Order date Shipping date Shipping and billing addresses A description of products and services provided Item costs Payment details Credit terms Fees Taxes To improve accuracy and ensure timely delivery of invoices, automation is critical.

Collections 52

Collections Invoicing Billing AR 52

Nanonets

SEPTEMBER 22, 2023

Whether it's paying invoices on time, preparing for tax season, or maintaining good relationships with suppliers, mastering  accounts payable reports  is crucial for maintaining financial health. It automatically computes totals, applies discounts, and calculates taxes, providing accurate financial data.

Accounts Payable 40

Accounts Payable Accounts Payable Accounting Accounting 40

Billing Platform

APRIL 12, 2024

Understanding SaaS Billing Billing and invoicing consists of several steps, including accumulating costs, generating the invoice (manually or automatically), sending the invoice (printed or electronically), receiving payments, reconciling payments, handling collections, accounting for payments, and more.

Billing 61

Billing Invoicing Collections General Ledger 61

Nanonets

APRIL 1, 2024

It provides advanced features like multi-entity support, global tax compliance, and supplier onboarding but has a higher price tag and longer implementation times. Automatically uses your bank statements and general ledger data to perform an automated reconciliation of your financial transactions. Automated workflows 4.5

AP 52

AP Accounts Payable Accounts Payable Invoicing 52

Nanonets

OCTOBER 18, 2024

5 Tipalti Midmarket + Enterprise Global payments automation with tax compliance 4.5/5 This forces businesses to manually reconcile POs with invoices, slowing the process and increasing errors. These systems can automatically handle real-time currency conversions, validate taxes, and reduce manual errors. 

AP 52

AP Invoice Processing Accounts Payable Accounts Payable 52

Nanonets

NOVEMBER 15, 2023

From inputting invoice data to tracking payments and reconciling accounts, the list goes on. Structured or unstructured, different currencies, tax regulations, and languages — it doesn't matter. Finally, they'd have to painstakingly reconcile these payments against the original invoices and the general ledger.

Accounts Payable 52

Accounts Payable Accounts Payable Accounting Accounting 52