When I am preparing monthly financial statements, I often ask myself and my client the following question .. How Accurate Do You Really Need Your Monthly Financial Statements To Be?
This is Part (II) of two parts, because the original post seemed to be getting long. In Part (I), I had tried to identify some of the common difficulties that can arise and problems that can stir up during the bank reconciliation process. In this part, I will discuss ways in which I overcome each of those situations and provide you with some tips to help make reconciling your banks and cash accounts easier. Reconciling – Computer Cheques Firstly, I ask them to sort the cheques in numerical order when they get the cancelled cheques with their bank statement. Lately, [More]
I recently picked up a new monthly account and my client asked me the following two questions .. (1) What do you need to get each month? (2) What do I get back from you each month? I pretty much explained it to be similar to what you will read below the fold. If this type of stuff interests you, you can hit MORE to continue .. or go to the next post upwards!
I was standing over the shoulder watching somebody add up some sport statistics … and I said … “Don’t forget to Cross-Foot it!” He looked at me like I was nuts .. It was then that I remembered that not everybody is familiar with HART’s Tickmark Terminology (okay .. did you look? That phrase is not part of wikipedia.org ~ YET ~ but one day! Some day! lol) To familiarize yourself with HART’s Tickmark Terminology, I have replicated my favorite tickmarks and scanned them and provided a little example how I would use that tickmark. Now, I will elaborate further [More]
Top Five Reasons Why A Business Might Want To Use A Petty Cash Fund 1) The owner does not have to be available 24 hours to write a cheque for every little expense all of the time 2) To have the ability to make change for your customer wanting to pay an invoice on account 3) To reimburse an employee replenishing office supplies they had purchased for the business 4) To systematically keep track of all cash purchases in one logical place 5) To give an employee greater responsibility in helping running the affairs of the business Top Five Reasons [More]
In the past year I have been engaged to do monthly accounting and bookkeeping for several clients. Although my rates are higher than a normal part-time bookkeeper that a company may hire, sometimes it makes sense to hire your accountant do also perform interim financial statements. Because I am familiar with the work and detail needed when comes time to perform the Year End Financial Statements and Income Tax Returns, it is “BETTER” and “EASIER” getting information while it is fresh in everybody’s head. Overall, professional fees for the year might be a little highe, but some clients can appreciate [More]
I touched briefly how I designed my own personal chart of accounts in an earlier article .. but recently I have redesigned the chart of accounts for a new client that seems to be working great for me. So, I thought I would pass that along. My current accounting software has the capability to create a chart of account design that holds up to 16 numbers … It is based and broken into 4 sections where you have to create this upon creation of the new chart of accounts. Once created, you cannot modify its design. * Account Number * [More]
SUMMARY OF SERVICE We will prepare (without audit) monthly or quarterly computerized financial statements from information provided by you. We will enter from either posting sheets or excel recaps that you provide to us via fax or email. We can enter your income and expense transactions from source documents such as your cheque stubs, deposit books, etc. If you provide recaps or lists, they will be incorporated into the financial statements (inventory, payables, receivables, etc). There may be minor bookkeeping adjustments needed during preparation. We can assist in developing suitable posting sheet or recaps to minimize our time spent, including [More]