AccountKit’s Post

The secret to simplifying inter-entity loans (accountants, you’ll love this!) Managing inter-entity loans doesn’t have to be a tedious, time-consuming process anymore. Forget juggling browsers, highlighting spreadsheets, or manually posting journals—there’s a better way. With AccountKit's inter-entity loan tool, you can: ✅ Reconcile loans across multiple Xero files in one simple window. ✅ Post journals directly into the opposing entity without leaving the tool. ✅ Generate detailed reconciliation reports for month-end, quarter-end, or year-end in seconds. ✅ Save time and reduce errors, even with complex loan setups or multiple beneficiaries. 🎥 Watch this demo to see how this tool transforms a frustrating workflow into a streamlined process that takes minutes, not hours. Why waste time on manual processes when you can simplify it all with just a few clicks? Find out more about AccountKit on our website. #accountingtechnology #savetime #clientsuccess #efficiency #accounting #xero #loans #multientity #interentity #consolidations

The secret to simplifying inter-entity loans (accountants, you’ll love this!) Managing inter-entity loans doesn’t have to be a tedious, time-consuming process anymore. Forget juggling browsers, highlighting spreadsheets, or manually posting journals—there’s a better way. With AccountKit's inter-entity loan tool, you can: ✅ Reconcile loans across multiple Xero files in one simple window. ✅ Post journals directly into the opposing entity without leaving the tool. ✅ Generate detailed reconciliation reports for month-end, quarter-end, or year-end in seconds. ✅ Save time and reduce errors, even with complex loan setups or multiple beneficiaries. 🎥 Watch this demo to see how this tool transforms a frustrating workflow into a streamlined process that takes minutes, not hours. Why waste time on manual processes when you can simplify it all with just a few clicks? Find out more about AccountKit on our website. #accountingtechnology #savetime #clientsuccess #efficiency #accounting #xero #loans #multientity #interentity #consolidations

Learn Crypto Bookkeeping in QuickBooks Online 2024 Become a champion of QuickBooks in a month. MONEY BACK GUARANTEE I will return your fee if you don't understand my lessons. Join my Certified Proadvisor QuickBooks 2024 Course Advanced Topics:- Crypto AP AR Banking Accrued Deferred Amortization Depreciation Reporting Impairment Revaluation

Abby can read Bank & Loan Statements. She compares the end of year figure in Xero, to the pdf that has been received by the client for bank and loan accounts. If there is a difference, she will let you know. It will be a good feeling to have this task done automatically, you know the basics are taken care of! www.cheersabby.com #accountants #yearend #charteredaccountants #bookkeepers

Automating AR just got easier! Fortis brings you customizable tools and cost-saving rates directly within QuickBooks. Experience the ease of accepting payments and getting paid faster. Ready to improve your cash flow management? Click here to learn more: https://hubs.ly/Q02xjzFK0 #quickbooks #cashflow #ar #customizable #accounting #business #payments #paymentprocessing

⭐ Check your bank feeds! ⭐ The ability to pull bank transactions directly into your accountancy package is such a time saver, but... 📢 These connections are not infallible! Every so often they duplicate entries or miss transactions altogether. This can lead to missing expenses or chasing clients for payments already made; as well as annoying balancing issues at year end for people like me! To spot these errors quickly, compare the balances of each of your bank accounts against the balance showing in FreeAgent or Xero at least every couple of months. ✅ If they match, all is well, carry on with your day! ❌ If they do not match, check back through the transactions to find the discrepancy and make a note of what has happened. If you cannot fix it yourself, try the support teams for your software - FreeAgent support is the best in the business - or drop me a message & I'll take a look.

Bank reconciliation is a process used by businesses and individuals to ensure the accuracy of their financial records by comparing their internal account ledger with the statement provided by their bank. This comparison helps identify any discrepancies, such as unrecorded transactions, errors, or pending transactions. By reconciling bank statements, individuals and businesses can maintain an up-to-date and accurate record of their financial transactions, ensuring that their cash flow and financial reporting are accurate. This process typically involves manually reviewing deposits, withdrawals, and other transactions recorded by the bank against the corresponding entries in the account holder's internal records. Bank reconciliation is an essential part of maintaining good financial management and can help prevent fraud, identify potential accounting errors, and provide a more accurate picture of a business's or individual's financial situation. #bookkeeping# xero #bankreconciliation #Babypikachu #RoyalAnnouncement #FalloutXboxSweepstakes #MondayMotivation #TSTTPD #ETHFI #quickbooksproadvisor #qbo #quickbookspro #quickbooksonline #quickbooks #bookkeepingforsmallbusinesses My Upwork account :https://lnkd.in/dQc8CmYy

🚀Quick Tip for QuickBooks Users! Struggling with payments and deposits in QBO? Make your life easier by using the "Undeposited Funds" feature! This tool allows you to keep track of received payments before they hit your bank account, ensuring your records are neat and your deposits match your bank records perfectly. Perfect for managing multiple checks or cash before making a single deposit! #AccountingTherapy #QuickBooksOnline #BusinessTips #FinanceManagement #QBOTips

Bank reconciliation is a process where a business or individual compares their monthly bank statement with their own records of transactions to identify and resolve any discrepancies or differences between the two. This helps ensure accurate financial tracking and prevents errors in accounting. To perform a bank reconciliation, follow these steps: 1. Obtain the bank statement: Get the most recent bank statement either physically or electronically. 2. Gather your records: Collect your own transaction records, including checks written, deposits made, and any other transactions that may affect your account balance. 3. List bank transactions: Go through the bank statement and list all the transactions mentioned, such as deposits, withdrawals, and fees. 4. List your transactions: Compile a list of transactions that you have recorded but are not yet reflected in the bank statement. This may include outstanding checks, deposits in transit, or any other transactions not yet processed by the bank. 5. Identify discrepancies: Compare both lists to find any differences in the recorded transactions or balances. Common discrepancies include unrecorded bank fees, unidentified deposits, or errors in your records. 6. Resolve discrepancies: Once you have identified the differences, correct your records to match the bank statement. This may involve updating your account register, adjusting your check numbers, or recording new transactions. 7. Adjust your ledger: After resolving the discrepancies, update your general ledger or accounting software with the corrected account balance. 8. Follow up: Keep track of any transactions that are still pending or unresolved from the previous reconciliation to ensure they are properly accounted for in the future. By performing regular bank reconciliations, you can maintain accurate financial records, minimize errors, and ensure your account balance is up-to-date. This helps in making informed financial decisions and maintaining a healthy financial relationship with your bank. #Bankreconciliation #quickbooks #bookkeeping #bankreconciliation #Babypikachu #RoyalAnnouncement #FalloutXboxSweepstakes #MondayMotivation #TSTTPD #ETHFI #xero #quickbooksproadvisor #qbo #quickbookspro #quickbooksonline #quickbooks #bookkeepingforsmallbusinesses My Upwork Account :https://lnkd.in/dQc8CmYy

On a monthly basis all bank, investment and credit card accounts need to be reconciled. A bank reconciliation is a process that compares a company's bank statements to it's accounting records to make sure everything matches. This is important to make sure that nothing is missing from your Quickbooks account. It also is a chance for you to review all transactions in the bank account, making sure they are all legitimate. Coding and reconciling the current month right away makes the task much smaller and simpler to tackle. Staying up to date means you can pull reports on a monthly basis rather and have more up to date information.