Cash Disbursements Internal Controls

In this presentation, we’re going to talk about Cash Disbursements, internal controls. Now we’re going to talk about a voucher system for the payment process. But before we get too into the voucher system, note that the systems will change depending on the type of organization and what industry we’re in and how large the organization is. So if we just have a small organization, then we probably just want to have some internal controls for the owner of the company, the owner, being a key component of the internal control system and having a lot more oversight over many of the things that happened. For example, for the payments that happen, we may have someone that requests something on an employee that wants to request a payment may even you know, enter the payment into this system. However, we want to make sure that the owner still has some control over such as the cheque signing.

Cash Receipts Internal Controls

 

In this presentation, we will talk about cash receipts, internal controls. Now we’re going to talk about a voucher system for the payment process. But before we get too into the voucher system, note that the systems will change depending on the type of organization and what industry we’re in and how large the organization is. So if we just have a small organization, then we probably just want to have some internal controls for the owner of the company, the owner, being a key component of the internal control system and having a lot more oversight over many of the things that happen. For example, for the payments that happen, we may have someone that requests something on an employee that wants to request the payment may even you know, enter the payment into the system.

Adjusting Entry Accounts Receivable 8

Hello in this lecture, we’re going to record an adjusting transaction related to accounts receivable. We’re going to record the journal entry over here on the left hand side and then post it to the trial balance on the right hand side trial balance and format of assets in green liabilities in orange equity in the light blue and the income statement in the darker blue including revenue and expenses, we’ll first walk through which accounts will be affected and then explain why that is the case. So we know that it is an adjusting entry and knowing that it’s an adjusting entry means it’s slightly different than a normal journal entry in that it does have two accounts like normal journal entries, but it also generally has one income statement account below the blue line and one balance sheet account above the blue line the light blue line, so it’s going to be one account above owner’s equity, one account below owner’s equity.

Accounts Receivable Reversing Entry 10.35

In this presentation, we’re going to take a look at an accounts receivable reversing entry. So the story goes like this, we had an invoice that was entered into the system in March after the cutoff date, we pulled it back before the cutoff date. So that income was reported correctly as of the cutoff date, which is going to be February 29. Now we’re going to do a reverse in entry, so that everything is correct and the following period in February as of the date of the original invoice. Let’s get into it with Intuit QuickBooks Online.

Invoice & AR Adjusting Entry Part 2 Solution 10.26

This presentation and we’re going to continue on with our adjusting entry related to an invoice that was entered into the wrong period. We laid out the problem last time. Now we’re going to enter the adjusting entry of this time. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re going to open up our reports.

Enter Service Items & Invoices 8.75

In this presentation, we’re going to enter service items into an invoice. So we’re going to be adding customers as well as new service items as we do. So let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. I’m going to go to our flowchart in the desktop version just to consider what we are doing here. We’re now going to be creating invoices and this is are going to be invoices for guitar lessons that guitar lessons are going to work like this. We’re going to be doing their Guitar Lessons through the month, then we’re going to determine the hours that were spent on the guitar lessons similar to if we were a law firm or a accounting firm, then we’re going to bill the clients for those guitar lessons and have different billable rates for who the guitar lesson was with.