Foreign Currency Transaction Bookkeeping

When a business trades overseas either importing from suppliers or exporting to customers, the transactions are normally conducted in a foreign currency. Since the business reports in a different currency it must reflect any exchange gain or loss when accounting for foreign currency transactions.

Foreign Currency Transaction Bookkeeping July 25th, 2017Team
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Accrual to Cash Conversion

The accruals and cash basis of accounting are two different methods of preparing financial statements. A business can calculate information relating to cash receipts and payments from it’s accrual based accounting system using accrual to cash conversion formulas.

Accrual to Cash Conversion May 16th, 2017Team
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Cash to Accrual Conversion

The cash and accruals basis of accounting are two different methods of preparing financial statements. The conversion from cash basis to accrual basis can be carried out using cash to accrual conversion formulas.

Cash to Accrual Conversion May 9th, 2017Team
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Accrued and Deferred Income and Expenditure Journals

The accrued and deferred income and expenditure journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of accrual and deferral transactions.

In each case the journal entries show the debit and credit account together with a brief narrative.

Accrued and Deferred Income and Expenditure Journals May 9th, 2017Team
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Accruals and Deferrals

Accrual and deferral journal entries are posted to ensure that revenue and expenditure are included in financial statements on an accruals not a cash basis.

Accruals and Deferrals July 21st, 2017Team
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Royalties in Accounting

Royalty accounts are used to record royalties paid by a licensee to a licensor for the use of a long term asset owned by the licensor.

Royalties in Accounting April 19th, 2017Team
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Adjusting Entries Examples

The adjusting journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of adjusting entry transactions.

In each case the journal entries show the debit and credit account together with a brief narrative.

Adjusting Entries Examples March 23rd, 2017Team
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Balancing off Accounts

Part of the accounting cycle is to produce a trial balance, in order to do this it is necessary to balance off the ledger accounts at the end of each accounting period.

Balancing off Accounts February 23rd, 2017Team
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Cash Book in Accounting

The cash book in accounting is classified as both a journal, in that it is a book of prime entry, and a subsidiary ledger as it records debits and credits. The cashbook has many different forms including single column, double column, and triple column formats.

Cash Book in Accounting February 15th, 2017Team
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