Posts Tagged ‘accounting’

« Older Entries

Accounting Questions For Review and Discussion

Saturday, April 30th, 2011

Accounting Questions For Review and Discussion

What is the distinction between expenditures and expenses as the terms are used in governmental accounting?

Expenditures are concerned with governmental funds, while expenses are concerned with proprietary funds. Expenditures are decreases in net financial resources and expenses are decreases in net economic resources. When an asset is acquired, it is generally accepted as an expenditure. When an asset is consumed it is generally accepted as an expense.

A government expects to pay its electric bill relating to its current fiscal year sometime in the following year. An official of the government requests your advice as to whether the anticipated payment should be charged as an expenditure of the current or the following year. How would you respond?

The government should record its electric bill as an encumbrance to be paid in the following year. When the encumbrance is recorded, the budgeted amount for expenditures is reduced, while a portion of unreserved fund balance is reserved for the encumbrance.

Although many governments prepare budgets for both capital projects and debt service funds and integrate them into their accounts, budgetary control over these funds is not as essential as it is for other governmental funds. Do you agree? Explain. If budgets are prepared for capital projects funds, in what significant way may they differ from those prepared for other funds?

I disagree that budgetary control over capital projects and debt service funds in not as essential as it is for other governmental funds. While budgetary entries for projects and service funds are intended as an internal control mechanism, and do not affect year-end financial statements, it is still important to maintain budgetary control to prevent expenditures exceeding authorizations. Budgets prepared for these projects funds are significantly different from those prepared for other funds in the sense that capital project funds are stationary in nature and can often be preserved for a significantly greater number of years.

How should governments report their capital projects and debt service activities in their government-wide statements?

Governments should report their capital projects and debt service activities in their government-wide statements as long-term obligations as combined funds which includes all other governmental funds in the governmental activities column.

Article Source: http://www.articlesbase.com/accounting-articles/accounting-questions-for-review-and-discussion-4699523.html

About the Author

Tags:, , , , , , , , , ,
Posted in rssorange | No Comments »

Why Choose MICR-Capable Check Printing Software

Saturday, April 30th, 2011

Did you know that you can save a lot of time, money and hassle using check printing software capable of printing MICR numbers compared to either pre-printed checkbook checks or pre-printed computer checks?

Federal regulations require checks to have routing transit number and account numbers printed in MICR to reduce check fraud. If you checks don’t have MICR numbers, banks will reject them. MICR stands for Magnetic Ink Character Recognition, which is a system for printing and reading numbers on a check. It uses a unique number font and prints them with a magnetic ink. This specialized printing speeds up bank processing and makes counterfeiting and forgeries more difficult.

There are two ways to get your checks encoded with MICR numbers. You can have your checks pre-printed with the required information printed in MICR, either in checkbook format or in page format for printing from your computer. Or you can print MICR numbers on blank check stock using MICR-capable check printing software.

There are several advantages to printing on blank check stock over using pre-printed checks:

Security
Printing checks when you need them, rather than having pre-printed checks lying around, minimizes opportunities for someone to steal your checks. Plus, password-protected computerized data is safer from prying eyes than ledger books. It’s also easy to create back-ups of the data should something happen to your computer or premises.

Convenience
Running out of checks is a pain. But when you use software to print on blank check stock, you never run out of cheques and have to wait for new checks to arrive. A new supply of checks is as close as your local business supply store.

Save time
You can import your check data and print hundreds of check with just a few clicks. If you’ve ever written out payroll checks or paid bills by hand, you know how time consuming this is. Not only do you have to write each cheque individually, but then you have to log the payroll data into your accounting software. With cheque writing software, you input the data into your accounting software and a few more click exports it for printing.

Save money
Using blank check stock is much less expensive than having checks pre-printed. Plus, if you ever have to change banks or change your address or other information on your checks, you don’t have to have new checks printed—you just change the information in your cheque writer software and it prints the new information on the checks.

Report for tax time
Tax time is simplified with check printing software. Just a few clicks of the mouse generate a full report of all the cheques you’ve written in the past year.

Customize your check with logo to get your brand in the market place.
Pre-printed checks cost more than blank check stock, but getting those pre-printed checks customized with your logo and slogan runs up a really hefty price tag. Check software allows you to personalize your checks easily. Just upload your logo image to the software and it prints automatically. Customized checks are an easy way to promote your brand in the marketplace as you pay for goods and services.

One MICR-capable cheque writer software title that is popular with small businesses is ezCheckPrinting from www.halfpricesoft.com/product_ezCheck.asp. EzCheckPrinting has all the features that high-end check printing software titles offer for small businesses without the high-end price tag. Starting at just $29 per installation or FREE through online special offer, ezCheckPrinting is affordable for any size business and is compatible with all popular brands of laser printers (most of which can print bank-accepted MICR numbers) and specialized MICR printers.

Article Source: http://www.articlesbase.com/accounting-articles/why-choose-micr-capable-check-printing-software-4695823.html

About the Author

About halfpricesoft.com Halfpricesoft.com is a leading software provider of easy-to-use 1099, W2,Payroll Software and bar code printing solutions for small to medium size businesses. And its easy-to-use software can save users both money and time. http://www.halfpricesoft.com

Tags:, , , , , , , , , ,
Posted in rssorange | No Comments »

Budgeting Tools- Free Helpful Guideline For Budget Cars

Friday, April 29th, 2011

Budgeting tips, while useful, are sometimes resisted because most of the people find considering money offensive and upsetting. For instance, you may think that budgeting drives you to go without all the things you like to do and experience. It doesn’t have to be this way, as fairly often you can save money by making adjustments and enhancements in creative strategies that definitely improve your life. If you use the budgeting tips in this piece you can significantly improve your current finance standing.

As you devour this piece, remember that the rest of it contains useful info related to budgeting tools and in some shape related to budget rental cars,auto rental, credit counseling services orbudget cuts threaten to close arecibo worlds largest radio telescope for your reading pleasure.

Although budgeting tips can be very beneficial, many people resist considering such matters because it may seem upsetting. For instance, you may think that budgeting forces you to go without all of the things you like to do and experience. It doesn’t actually have to be like this because much of the time it may be possible to adjust and improve your life with some easy budgeting.

If you don’t need it, don’t buy it! Buying items rashly might give you an emotional lift at the time, but later as you assess the fiscal damage you’re sure to regret it. It’s a good budgeting tip to only buy items that you need and have just budgeted for. Put simply, if it isn’t already in your position, put it back on the shelf.

AT THIS JUNCTURE — As you can clearly see from this restricted information already given this article is in some form or manner related to budgeting tools. It’s not only related but can also be exceedingly helpful when searching for info regarding family budget, hotels in london, budget narrative for grants official grants free cd, hotel krakow.

Perhaps you haven’t considered making home enhancements that are theme based. I am aware of many folks who have particularly used renovation tips and advice to redo a whole room in an out of doors theme, or antiques only themed room. This is commoner than you might think. Perhaps you don’t wish to do anything too radical at this time.

Choose practical. For every product available in the market, you usually have a choice whether to go with the most costly brand or the most reasonable. A large amount of people believe that they can go for the most expensive purchases just as long as they continue to stick with their budget plan. On one hand, it’s not fully a lousy thing because the most important matter is to acknowledge the budget.

Many people that searched for budgeting tools also searched online for financial budget, hotel in london, and even system development project budget and cost management,saving money.

Other budget tips appertain to the cash that you spend. Most of us spend way too much on things that simply are not necessary, and in today’s coarse economy, that simply isn’t a good idea. Now could be the time for both you and your family to do a budget and see where you can cut back. You could be shocked at how much you are spending for items that aren’t necessary.

Article Source: http://www.articlesbase.com/accounting-articles/budgeting-tools-free-helpful-guideline-for-budget-cars-4696830.html

About the Author

Tags:, , , , , , , , , ,
Posted in rssorange | No Comments »

Pwc Survey Highlights Readiness For New Lease Accounting

Thursday, April 28th, 2011

In February, 2011 Price Waterhouse Coopers (PWC) conducted a survey on the impact of GAAP and IFRS convergence, with a specific segment of the survey dedicated to the proposed changes to the standard for accounting for leases. With the scheduled release of the final standard in the second quarter of 2011, it is interesting how many businesses have not begun the process of evaluating or preparing for the impact of the changes. A few of the highlights of the survey are outlined below:

Highlights of PWC Survey on Impact of Proposed Changes to Lease Accounting

  • 1,400 Respondents
  • 62% >than $1.0B in Revenue
  • 65% expect “High Level of Impact” on organization
  • 63% expect to need additional resources
  • 60% have not completed even a high level assessment or analysis
  • 64% do not have a centralized system to track leases
  • 60% are using a spreadsheet or manual system
  • 9% have calculated an estimate of Lease obligations at the effective date
  • 10% have educated most of the stakeholders outside finance
  • 47% have performed a preliminary Lease inventory

While approximately two-thirds of respondents expect a high level of impact and will need additional resources for compliance and analysis, less than half have even performed a preliminary inventory of their leases. Only 10% have begun the process of analysis and education of the various stakeholders making leasing decisions in their organization.

There is still an element of “hopeful neglect” among many business leaders that these changes may be delayed, or may not even occur. However, the processes and information that would be necessary for compliance are also beneficial from an overall management standpoint. The preliminary exercise of assessment has pointed many businesses to focus on the fact that they are managing hundreds of millions of dollars in annual spending without functional systems. Sixty percent (60%) of respondents said that they were currently managing their leases with Excel spreadsheets! Since over 60% of respondents were multi-billion dollar companies, that should be a frightening revelation to any CFO.

A complementary question to the issue of systems is the location of the lease information. Only 36% of respondents said the information is in a central location. With the new standard having a significant impact on Profit & Loss and Balance Sheets from quarter to quarter, centralization of the information will be a critical component of compliance and strategic planning.

The uncertainty of the elements or timing of a final standard supports a measured approach to immediately committing resources to assess and analyze the potential impact. However, the base assessment of readiness and gathering of information will be critical not just to compliance, but also to planning and executing the best strategy for an individual business under the new rules.

Article Source: http://www.articlesbase.com/accounting-articles/pwc-survey-highlights-readiness-for-new-lease-accounting-4676691.html

About the Author

Jackson Cross Partners‘ Advisory Group has developed a Readiness Assessment as well as Analytical Modeling for corporate clients to begin the process of locating and building lease inventory, assessing information gaps and analyzing the financial impacts under various scenarios. JCP also specializes in office/industrial brokerage, property management, multi-family investment sales, as well as, advisory services.

Tags:, , , , , , , , , ,
Posted in rssorange | No Comments »

Hire a San Diego Tax Services Provider for Your Tax Preparations

Thursday, April 28th, 2011

Time has changed and a business owner needs to take care of lot many things. Among these things business accounting and tax laws are the most time-consuming and complex tasks that a business owner often doesn’t want to get into them. They want to devote more time on their core business and for their accounting and tax return filing needs, they often rely on a reliable accounting and tax consultant. For anyone who runs a business in the San Diego area, San Diego Tax Services is the best option to deal with tax and accounting paperwork.

Today, preparing tax documents is not that simple because of introduction of many complicated requirements in the tax laws. These tax documents are required from time to time for dealing with government matters and also banks and financial institutions. So, you need to be very careful while preparing these documents and you need an expert professional to make it more organizing and professional. Moreover, your accounting is an important business need that gives you a clear picture of your income and expenditure at any point of time. San Diego Tax Services providers help fulfill all these business objectives.

To run your business in a convenient manner, you need to have updated financial information of your business. Timely and precise financial information helps you to run your business effectively. So, you need specialists or experienced finance professionals who can guide you in tax preparations and financial planning. These experienced professionals are indispensable for any business. Besides taking care of your regular accounting and tax related needs, they also give you management guidance to sail through when you are in financially difficult times.

These tax services providers in San Diego offer a wide variety of services that help a business to better plan and manage its finances. Financial planning is the most crucial aspect of business sustenance. If it goes wrong, a business will have difficult times to survive and grow. So, hiring a professional for tax preparations and accounting is always a safe choice to remain tension-free and run your business in a professional manner.

Article Source: http://www.articlesbase.com/accounting-articles/hire-a-san-diego-tax-services-provider-for-your-tax-preparations-4690775.html

About the Author

Thomas Scott is a well experienced content writer. Get more information on San diego tax services.

Tags:, , , , , , , , , ,
Posted in rssorange | No Comments »

« Older Entries