Category: Bookkeeping

Use this template to provide a receipt of hotel charges, which can include nightly rates, room service charges, taxes, or additional provider fees. Document the number of guests and how many nights were spent in the hotel to ensure you’re billing guests the appropriate amount. This template also includes space to document insurance information and…

The total amount owed according to the subsidiary ledger should always match the balance in the accounts receivable account. Non-trade receivables refer to amounts owed to a company that is not directly related to the sale of goods or services in the normal course of business. They can arise from various transactions such as loans…

The key difference between cash accounting and accrual accounting is related to the timing of when the transactions are recorded. While cash accounting records revenues and expenses once actual cash transfer takes place, accrual accounting records revenues or expenses at the time they are earned or incurred. Here, accruals are the revenue or expenses that…

The opening balance is the first entry in the company’s accounts when it first begins trading and at the start of each new accounting period. Understanding opening balances is essential for businesses of all sizes and industries. It forms the backbone of accurate financial reporting and enables informed decision-making. The opening balance sheet Firstly, it…

Auditors must ensure transparency and integrity in financial reporting, addressing potential conflicts of interest that may arise. Strict safeguards must be established to protect sensitive information, including donor identities and financial transactions, in accordance with regulations such as the Sarbanes-Oxley Act. Ethical guidelines necessitate that auditors maintain independence and verify that contributions are disclosed accurately,…