Tag: ACCOUNTS AND FINANCIAL SERVICES

Prepare petty cash records

Petty cash is a small amount of cash that is kept on the company premises to pay for minor cash needs. Examples of these payments are office supplies, cards, flowers, and so forth. Petty cash is stored in a petty cash drawer or box near where it is most needed. There may be several petty…...

Reconcile bank and cashbook balances

Introduction to Bank Reconciliation A company’s general ledger account Cash contains a record of the transactions (checks written, receipts from customers, etc.) that involve its checking account. The bank also creates a record of the company’s checking account when it processes the company’s checks, deposits, service charges, and other items. Soon after each month ends the bank…...

Interpret entries in bank statement

Bank Statement – What is a bank statement? A bank statement is a list of items that have been processed through a bank account Starting and maintaining solid, professional accounting practices is essential for the growth of a business. Make sure yours are in order with Debitoor. The bank statement is usually issued by a bank on…...

Interpret entries in a bank statement

What does a Check Show You?  The parts of a check. Each blue number is explained in more detail below (and on following pages). Justin Pritchard Checks have been around for a while, but that doesn’t mean they’re easy to understand. Whether you’re cashing a check, making a payment, or setting up direct deposit, you…...

Identify resources used in the accounts office

Identify your Resources As you begin your planning, you should know what is available to you. Staff and Volunteers Who is available to help you plan and administer your event?  Are there others in your department who will be assisting?  Are there volunteers available to assist you?  Knowing how many workers you are likely to…...

Prepare simple documents in the accounts office

Recording Transactions: The Source Documents, General Journal, General Ledger, Trial Balance In order to put together all of the accounting and bookkeeping elements a company will do, and understand how all of these elements work together–we need to understand the actual bookkeeping process; that is, the exact mechanical process to keep sales, expenses, revenue, and…...

Describe the role and functions of the accounts office

The functions of the accounting and finance department in any business can get a little confusing.  Entrepreneurs tend think and move quickly, so ensuring the accounting department is stable is pivotal in the growth of your business. Over the next few articles, we’ll discuss how you can clearly define roles and responsibilities of your accounting department, starting with…...

Describe the role and functions of the accounts office

What are the Key Roles of the Accounting Department? While some people may have a differing opinion, the essential roles and duties of virtually any accounting department should include the following: Money out – making payments and keeping the bills paid Money in – processing incoming payments Payroll – make sure everyone gets paid (including the government) Reporting –…...