For accounting and bookkeeping services, you can rely on accounting Services Company for every kind of business. The information needed to perform accounting services varies depending on the types of transactions the company enters into and the basis of accounting used. If a company uses the accrual basis of accounting, information about accounts receivable and accounts payable would be needed. Accounts Payable Information If the general ledger is maintained on the accrual basis of accounting or if supplementary schedules presenting accounts payable information are prepared, information about the period’s accounts payable balance is needed. If the general ledger is kept on the cash basis or modified cash basis, information about accounts receivable is only necessary if supplementary schedules presenting receivable information are prepared. Information about most of the accounts receivable activity during the period (that is, sales on account and payments on account) can be provided by completing the “Cash Receipts Summary” at Appendix 2A in PPC’s Guide to Write-up Services.

The “Cash Receipts Summary” at Appendix 2A in PPC’s Guide to Write-up Services presents a reconciliation of sales to cash deposits that generally will provide the needed information about sales. Information about Other Transactions Companies may enter into transactions that are not reflected in the information about cash receipts and disbursements, accounts receivable, or accounts payable. In addition to information about disbursements from checking accounts, information about disbursements from petty cash accounts should also be obtained. However, that unless the client’s staff is well-trained and familiar with the general ledger accounts, the codings may often be incorrect. If, however, the difference is larger or your refund is much more than you believe you should have received, it’s generally a good idea to hold off cashing the check until the issue is resolved. Check stubs should be furnished if the company uses a checkbook that includes check stubs. Check Register or Check Stubs If the company uses voucher or multipart checks or issues checks by computer, the check register should be furnished to the accountants. Paid Invoices Paid invoices should be obtained to determine that (a) invoices are paid when due and (b) the purpose of the payment is properly described in the check register or on the check stub.

In either case, the date, amount, payee, and purpose of each payment should be provided. Most companies with petty cash accounts maintain petty cash logs that list (at a minimum) the beginning and ending balance of petty cash and each disbursement or addition’s date, amount, and purpose. Management accounting is futuristic in nature, so it provides data and information for the purpose of future planning, decision making, forecasting, and decision making. The information about accounts payable should include a listing of each payable, its balance, and a description of its purpose. As a result, they can easily obtain accounts payable information by summarizing the invoices in the file. Other companies may enter vendor invoices as they are received in a manual or computerized accounts payable journal. Many companies maintain a tickler file of unpaid invoices. Consequently, those companies can obtain the necessary accounts payable information from the information contained in their accounts payable journals.

Many small to medium-sized companies do not have the resources to maintain perpetual inventory records, however. Instead, they take physical inventories periodically (that is, they count the inventory on hand) and use estimates to adjust inventory and record cost of sales in other periods. Scharin. That’s easier to do if you still have all the IRS’ mistakenly refunded money in hand. Budgeting allows you to create a spending plan for your money and ensures that enough cash is available in the hand for the things you need and the things that are important to you. As you’re waiting for the explanation letter to clear up the refund issue, you also have to decide what to do with the more, or less, money you received. Each deposit should be identified with a clear description of its source. Deposit Information Deposit information should be submitted with the check register or check stubs. Care should be exercised when describing deposits since incorrectly coded deposit information can lead to overstating the company’s income and distorting operating statistics.