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Use a Suspense Account for Questionable Transactions

Patriot Software

Sometimes, you don’t have all the necessary information for accounting. Use a suspense account when you’re not sure where to record general ledger entries. What is a suspense account? A suspense account is an account where you record unclassified […] READ MORE.

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Common Accounting Mistakes: Government Edition - Issue #8 Unallowable Expenses

SMBAccountant

These costs must be recorded in separate general ledger accounts to be easily identified and excluded from any billing. Bad Debt – both actual and estimated losses from uncollectible accounts receivable including collection costs and legal costs are not allowed.

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Cloud-Based Accounting: Sage Intacct’s Modern Solution for Businesses

Cherry Bekaert

Accounting , fondly known as the ‘language of business,’ tells the story of how a business is performing. 1) Fast-forward to present day and the fundamental concepts performed by modern bookkeepers and accountants remain, but functionality and performance look vastly different in the age of all things digital.

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Getting Paid 101: Accounts Payable and Accounts Receivable

xendoo

If you’re managing a business—and your books—you’ve probably had to learn what is accounts payable vs. accounts receivable. . Accounts payable and accounts receivable are two different sides of the same coin. Without a deep understanding of your accounts payable and receivable, you could face costly setbacks.

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Outsourced Accounting Frequently Asked Questions (FAQs)

Cherry Bekaert

Contributor: Veronica Vannoy Cherry Bekaert offers outsourced accounting services to businesses that want to reduce costs, improve efficiency and focus on core operations. Our certified accounting professionals produce accurate and timely financial reporting, while ensuring confidentiality and data security.

Account 81
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Internal Controls To Prevent and Detect Fraud at Small To Medium-Sized Not-for-Profits

Withum

It is infamous in the accounting world and important that it is an “intentional” act. Most not-for-profit organizations have budgetary constraints and lack the ability to pay for full-time and robust accounting departments. The F word: Fraud. But why does it happen? How does it happen?

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Benefits of Matching Financial and Non-Financial Data

Withum

With all these different funding sources, it is imperative that healthcare-related not-for-profits have a general ledger system that can support both financial reporting and operational efficiency. A general ledger system is a software application that records and summarizes the financial transactions of an organization.