Accounting management oversees the financial aspects of an organization, including project planning and banking. It is typically found in large organizations and involves almost every aspect of the organization’s dealings. The department has a great deal of power in approving and keeping costs down, and also handles corporate bank accounts, payroll, invoicing, and receiving. Accounting […]
A blog is a writing format used on personal and business websites. Blogger is free blogging software accessed by creating a Blogger account. To create an account, read and accept the terms of service, choose to create or use an existing Google account, and fill out a web form. A blog is a popular writing […]
Fund accountants manage financial assets, analyzing, reporting, and tracking fund performance. They reconcile records and establish budgetary controls. There are different types of fund accountants, including hedge fund accountants, mutual fund accountants, and specialty fund accountants. They manage high-risk investments, report on fund activity, and ensure compliance with accounting standards. They monitor pension funds’ ability […]
An account holder is someone who has registered with a company or bank to handle money or a particular service. They can make transactions and view records. Joint account holders can share an account, while authorized users have a monetary limit and are not responsible for payments. The term also refers to people who register […]
A brokerage account is opened by an investor with a brokerage firm to deposit funds and place orders for securities. Fees and charges may be deducted from the account balance, and different structures allow for various investment options. Online brokerage accounts tend to offer limited services. A brokerage account is an account opened by an […]
An accounts receivable reserve is a reserve account that helps offset losses from non-payment of outstanding invoices. Historical data or invoice due dates can determine the amount allocated. The reserve helps companies avoid financial difficulties and pay vendors without fail. Guidelines for using the funds vary, but replenishing the reserve is possible with payments received […]
A clearing account is a temporary bank account used by businesses, mortgage servicers, and escrow companies to hold funds for various reasons, such as payroll management, accounting practices, and escrow transactions. The use of such accounts can help with organization and tracking of income and expenses. It is not necessary to disclose the intended use […]
Merchant account applications require general information about the applicant and their business, as well as specific identifying information. Providers may ask for different levels of detail, but typically require enough information for a credit check and to learn about the business. The information required in a merchant account application may vary from provider to provider. […]
The accounting equation shows the relationship between assets, liabilities, and net worth in double-entry bookkeeping. Net worth is determined by subtracting liabilities from assets. The equation is critical for understanding balance sheets and ensuring accurate accounting. The accounting equation represents the basic equation associated with double-entry bookkeeping. Essentially, this equation establishes the formula to represent […]
Account analysis is a monthly statement provided by banks to business customers, detailing all transactions related to the account, charges incurred, and other relevant information. It is reviewed by an accountant and can be used to generate invoices or resolve discrepancies with the bank. The term is also used in cost accounting to analyze expenses. […]
Generally accepted accounting principles (GAAP) are standards and rules used in financial preparation to ensure a clear and consistent understanding of a company’s financial health. GAAP includes options for accountants, making it important to codify them for easy reference. The Financial Accounting Standards Board (FASB) issues statements of principles for non-governmental organizations, while the Securities […]
An account book records business transactions, with the most common being the general ledger in double-entry bookkeeping systems. Other types of accounting books include the general journal, cost ledger, and subsidiary ledger. Transactions are recorded in the general journal, and then transferred to the general ledger. At the end of the accounting period, the general […]
Second chance checking accounts are designed for those with bad credit and a poor track record with traditional checking accounts. They require proof of income and a minimum balance, and often cater to those listed on ChexSystems. While they can help repair credit, they come with fees and penalties for falling below the minimum balance. […]
A wholesale account executive builds relationships with mortgage brokers, credit unions, and banks, manages the loan process, trains brokers, and has solid sales skills. Employers look for candidates with a bachelor’s degree and willingness to travel. A wholesale account executive is a professional who strives to bring new mortgage broker relationships to a lending institution […]
A regional account manager manages numerous corporate accounts within a certain territory, taking orders, selling products, and responding to customer requests. They are responsible for getting new accounts and meeting sales goals, requiring exceptional people skills and analytical skills. Educational requirements vary by company. Typically, a regional account manager is part of a large sales […]
Public accounting offers services such as tax preparation, auditing, general accounting, and consulting to businesses. Accountants typically have a professional license, such as a CPA, and must stay up to date with current tax laws. Audits are a common service, while general ledger services allow businesses to outsource financial reporting. Consulting services are also offered, […]
Businesses use account numbers to manage personalized files, which can be fully numeric or alphanumeric. Account numbers are unique and help to avoid mistakes. Protecting account numbers is important due to sensitive information contained within them. Companies make it convenient for customers to manage their account numbers. Many types of businesses manage their affairs by […]
An accounting period is a period of time covered by financial statements, such as a calendar or fiscal year, and can be used for tax purposes or to monitor financial health. Different posting periods, such as quarters or months, are used for internal accounting, while external accounts are filed quarterly and annually. The accounting period […]
The balance sheet can be presented in either account format or report format, with both being acceptable. The account format lists assets on the left and liabilities and equity on the right, while the report format lists assets first, followed by liabilities and equity. Other considerations include listing the month-ending date and including a running […]
Accounts receivable confirmation is a technique used in auditing to verify a company’s records by sending communications directly to clients. There are two types of confirmation: positive and negative. The process involves writing a letter to clients, compiling information, and using it in a final audit report. The selection process can be a mix of […]
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