{"id":4303,"date":"2013-07-17T09:58:17","date_gmt":"2013-07-17T07:58:17","guid":{"rendered":"http:\/\/www.officetodo.com\/public\/?p=4303"},"modified":"2013-07-14T09:58:53","modified_gmt":"2013-07-14T07:58:53","slug":"managing-provisions-what-to-look-out-for","status":"publish","type":"post","link":"http:\/\/www.officetodo.com\/public\/managing-provisions-what-to-look-out-for\/","title":{"rendered":"Managing provisions \u2013 what to look out for?"},"content":{"rendered":"<p>Having various provisions can cause a problem in itself. It\u2019s not to say that you shouldn\u2019t have numerous provisions though. If the situations demand one then so be it.<\/p>\n<p>However, with just more than one provision you need to first off keep a detailed list of them including information on what\u2019s the essence of each, updated information about due dates, relevance, i.e. if the provision should still be there etc.\u00a0<!--more--><\/p>\n<p>Another thing, which must always be taken care of, is revaluing the provision amounts. Obviously if the provision is for a specific amount and the conditions have not changed, the value stays the same, however especially when the amount is estimated to begin with, it needs to be assessed as often as needed to ensure it\u2019s in a updated amount.<\/p>\n<p>Thirdly, say that you have a provision for something that most probably realizes after two years. Thing to remember after those years is to first look if you had made a provision back in the day or not. Failing in doing so may result in double expense entry for your company and a liability account that\u2019s not going to be debited off your balance sheet.<\/p>\n<p>At the end of the day it\u2019s like managing any other account that has more than one item within the balance \u2013 detailed ledgers and knowing what\u2019s within really.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having various provisions can cause a problem in itself. It\u2019s not to say that you shouldn\u2019t have numerous provisions though. If the situations demand one then so be it. However, with just more than one provision you need to first off keep a detailed list of them including information on what\u2019s the essence of each, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,81],"tags":[],"class_list":["post-4303","post","type-post","status-publish","format-standard","hentry","category-1-basic-accounting","category-1-19-provisions"],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=4303"}],"version-history":[{"count":2,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4303\/revisions"}],"predecessor-version":[{"id":4307,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4303\/revisions\/4307"}],"wp:attachment":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=4303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=4303"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=4303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}