What Is Business Accounting And What Does An Accountant Do?
Aside from handling taxes and compliance issues, they can help you optimize budgets, spot opportunities to save, and even apply for business loans. After you enter a transaction and categorize it under an account, your accounting software will create a journal entry behind the scenes. Most modern accounting software uses the double-entry accounting system, which […]
What is a liability account?
Accounts payable is typically presented on the balance sheet as a separate line item under current liabilities. Excessive liabilities can strain your cash flow and impact your ability to meet short-term obligations. By properly managing liabilities you can handle debt repayments, avoid financial difficulties, and make informed investment decisions. Regularly reviewing and managing your liabilities […]
Purchase Return Journal Entry Example
The above data transaction information is recorded both on the purchase returns and allowances journal and the purchases journals. Entry created on purchase returns and allowances journal is published on account payable subsidiary ledger (i.e., it contains the detailed data backup as compared to the general ledger) and the general ledger. In these instances, you […]
Free training courses
Sometimes, a capstone project for a paid version of a class will be hand-graded. No sign-ups are needed, and students can access the lessons from any browser. The lessons themselves last between five to twenty-five minutes each, and they cover everything in great detail. If you learn best by visual demonstration, this is an excellent […]
Vertical Analysis in Financial Reporting: A Comprehensive Guide
This approach provides a clearer picture of the company’s ongoing cash flow structure by separating one-time events from regular operations. Mastering vertical analysis is a valuable skill for anyone pursuing a career in finance. It’s commonly used in various roles, such as financial analysts, accountants, auditors, and finance managers. Understanding techniques can improve your ability […]
What is payment reconciliation?
The final review process demands the same attention to detail as every previous step. Conduct a thorough check of all reconciled items, verifying that you’ve resolved what is payment reconciliation and documented all discrepancies. Prepare a summary of your findings and actions taken to help you identify patterns and areas for improvement in your processes. […]