LedgerBench

In the event that an organization has receivables that implies they have made a deal, however have not gathered cash from the provider. Numerous organizations permit their customers to pay subsequent to getting the administration. Records receivable is the cash owed to the organization by its indebted individuals. In a nutshell, Accounts Receivable (AR) are the installments held by the business for gracefully of products and ventures rendered to its clients who have requested yet not paid for it. AR is in a type of receipt raised by the business and conveyed to the client for installment inside a given time span. A normal model for accounts receivables is service organizations. A service organization charges their clients in the wake of giving the power. While the service organizations trust that the clients will take care of the tabs toward the month's end, these unpaid solicitations are considered as records receivables. The receivables ought not be mistaken for creditor lia...

Whatever may be the size of the business- an efficient and accurate bookkeeping can make or break an organization. Right bookkeeping ensures that records are always up-to-date and give accurate data that can be used to evaluate financial information and make wise decisions. Bookkeeping can be done in-house or it can be outsourced. The main objective should be that the bookkeeping service is entrusted to experts and the goals of the business are met by these professionals. The right bookkeeping will help in the growth of the company, meeting the company objectives and exceeding business goals. What is bookkeeping? Bookkeeping is an accounting function that allows investors, managers and regulators to analyze financial information of your business. It also helps to file taxes and provide payroll services on time for your employees. Bookkeeping is a timely recording of business transactions and a speedy disposition of financial statements so you have more time to manage your busines...

Reconciling customer statements ensures that there are no inaccuracies or mistakes in what the vendor is charging and the inventory, services or supplies you received. Statements mostly arrive at the same time each month. In simple terms, reconciliation is matching the statements items with your invoices.  What is C ustomer Reconciliation ? Vendor reconciliation is a statement received from the vendor which contains details of invoices of the vendor for a particular period. This is a process of comparing the outstanding customer balance or bills to the accounts receivable as recorded in the general ledger. It is part of accounting activity and is usually conducted at the month-end before issuance of monthly financial statements. It also contains unclear items such as payments and credit notes.  Steps to reconcile customer/vendor statement: Gather your invoices: Organize your invoices of the vendor by date. If you use a computer to assist your accounting n...

In any business, cash is the lifeblood. Cash helps in performing day to day business activities. The payment of employees also depends upon the availability of cash. Marketing of goods and services also requires cash. So, bank and credit card account reconciliation plays an important role to ensure there is availability of cash. Just as you need to reconcile your personal checkbook, the same way your bank account and credit card accounts need to be reconciled to ensure your balances are accurate.  What is Bank Reconciliation ? Bank Reconciliation is a document that matches the cash balance on a company’s balance sheet to that of bank statements. Reconciling the two accounts helps determining if accounting changes are needed. It is carried out at regular intervals to ensure the company's cash records are accurate. If there is any fraud or theft it can be determined through reconciliation.  What is Credit Card Reconciliation? Credit Card Reconciliation verifies the ...

What is Accounts Receivable ? If a company has receivables that means they have created a sale, but have not collected money from the supplier. Many companies allow their clients to pay after receiving the service. Accounts receivable is the money owed to the company by its debtors. Briefly, accounts receivables (AR) are the payments held by the business for supply of goods and services rendered to its customers who have ordered but not paid for the service. AR is in a form of invoice raised by the business and delivered to the customer for payment within a given time frame. A typical example for accounts receivables is utility companies. A utility company bills their customers after providing the electricity. While the utility companies wait for the customers to pay the bills at the end of the month, these unpaid invoices are considered as accounts receivables. The receivables should not be confused with accounts payable. AP is the debt company owes to its suppliers while AR is the...