Why have controls over revenues and receivables?
Your company’s revenues are what it makes in selling its services and goods and it’s what helps you cover expenses made. Recognizing revenue is one thing, but with it you’d also recognize a receivable and it’s what ensures you also get resources from what you earned. Continue reading
There are times when your suppliers make mistakes with their invoices, i.e. the amounts are wrong, the prices are misstated or there are inaccurate discounts given and so on. In such situations your suppliers issue credit invoices (obviously this is subject to you informing them of the mistake most of the times). Continue reading
Supplier bonuses are pretty useful things if you can negotiate those with yours. Primarily they help you reduce your cost for materials you’re using, for services you’re buying and so on. Continue reading
Materials in production are what the finished product consists of. Materials and time spent on putting them together. In production you use two types of materials – those that the product mostly consists of and side materials to help you to put the product together, i.e. glue, screws and so on. When we talk about ‘treatment of materials used in production’ in accounting terms, we talk about the usage of materials and their cost. Continue reading
There are times when you’d want to confirm your supplier balances, but you’re not sure from which to base the selection from. There’s the balance and there are transactions during a determined period – two measurable amounts to base the selection from but which to choose. Continue reading
The simplest way to form a selection of suppliers to confirm balances with is to confirm them all. It’s timeconsuming most probably due to the amount of confirmations you would have to perform, however there’s no thought process involved as to which to confirm and which to leave unconfirmed. There’s no doubt either whether those left unconfirmed are in fact existing and so on. Continue reading
Accounting in most countries and for most companies is based on subject matter of the transaction and not actual cash movement. Yes, there are certain forms of business which are allowed to still record transactions as the money is received or paid, however there are just a few of them. Continue reading